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20 sats \ 9 replies \ @Undisciplined OP 8 Feb \ parent \ on: The Future of Social Security econ
and the lie that each generation was only taking out what they had already paid in.
They run into an interesting problem raising the age, though: it basically becomes a retirement fund for white people, given discrepancies in lifespan.
Who wants to work past age 65 regardless of social security eligibility!!!
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You're allowed to retire before you withdraw social security. It's not unreasonable to think someone might not be destitute the moment they quit working.
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You can tap into your IRA and 401k starting at age 59.5
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You can actually borrow from them before that, as I understand it.
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I think it's penalty free for 60 days per calendar year
otherwise, the penalties are steep (10 percent plus income tax on the amount borrowed)
My cousin dealt with something similar a few months ago, avoided penalty after borrowing from IRA/401k
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Good point… so many seniors are destitute though especially in nursing homes
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Medicaid covers nursing homes, but I agree that it's a sad situation.
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Medicaid is a badge of poverty
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