Go Home

early retirement

2 documents found in 0.002 seconds.

New Kucinich Program Aims to Create A Million New Jobs

thumb_mediumdennis_21cdf.jpg

Putting those of us who are middle-aged out to pasture with Social Security is not such a great solution for the people whose retirement accounts were decimated by the market crash - not to mention, of course, the president's plan to allow a bipartisan commission "suggest" Social Security and Medicare cuts in the near future.

But hey, at least Kucinich is at least trying to do something about jobs -- which is more than you can say for most members of Congress:

CLEVELAND -- An Ohio congressman pushed for a new program to add a million new jobs Monday.

Congressman Dennis Kucinich unveiled his plan Monday afternoon at his Lakewood office.

Kucinich proposed offering early retirement with social security benefits and health insurance subsides to people as young as 60 years old. He said that will free up as many as a million new positions in businesses that have already shed jobs.

"In every business, people are cutting to the point of where they're not functioning the way they used to. So, this gives business a chance to get new blood in. At the same, be able to do it in a way that they don't have to have access more money to do it,” Kucinich said.

Kucinich said he’ll introduce his Kucinich job plan bill this week on the floor of the U.S. House of Representatives.

More info here.



It would make more sense for the government to keep extending unemployment benefits until the recession lets up, because the effects of this poverty-inducing trend are far more harmful to the long-term economy than putting out cash now to keep people afloat:

Reporting from Washington -- Instead of seeing older workers staying on the job longer as the economy has worsened, the Social Security system is reporting a major surge in early retirement claims that could have implications for the financial security of millions of baby boomers.

Since the current federal fiscal year began Oct. 1, claims have been running 25% ahead of last year, compared with the 15% increase that had been projected as the post-World War II generation reaches eligibility for early retirement, according to Stephen C. Goss, chief actuary for the Social Security Administration.

Many of the additional retirements are probably laid-off workers who are claiming Social Security early, despite reduced benefits, because they are under immediate financial pressure, Goss and other analysts believe.

The numbers upend expectations that older Americans who sustained financial losses in the recession would work longer to rebuild their nest eggs. In a December poll sponsored by CareerBuilder, 60% of workers older than 60 said they planned to postpone retirement.

Goss said it remained unclear whether the uptick in retirements would accelerate or abate in the months ahead. But another wave of older workers may opt for early retirement when they exhaust unemployment benefits late this year or early in 2010, he noted.

The ramifications of the trend are profound for the new retirees, their families, the government and other social institutions that may be called upon to help support them.

On top of savings ravaged by the stock market decline and the loss of home equity, many retirees now must make do with Social Security benefits reduced by as much as 25% if they retire at age 62 instead of 66.

"When the recession ends and the economy bounces back, there may be a band of people for whom things will never be the same again. They'll still be paying the price for 10, 20, 30 years down the road," said Cristina Martin Firvida, director of economic security for AARP, the nation's largest membership organization for people 50 and older.