THINK: WHAT SHOULD THE NEW RETIREMENT AGE BE???

Official Retirement Age May Soon Be Increased
Reverse Mortgage Advisor, by Admin. Under News.
Posted on February 15, 2009, 11:13 am

The new President Obama Administration is set to carry out a number of major programs aimed at restructuring the economy. The Obama Administration has already promised to take a hard and careful look into some programs designed for seniors such as Medicare and Social Security.

Usually such programs designed for seniors are hardly touched as it is seen as a bad political move. The senior population makes up a viable and major determining block during elections. However these are hard and different times and some major cut backs can be expected.

Times have changed and there can no longer be federal programs that will continue to remain immune to cut backs and pruning. The main reason for all the cutbacks is that the government is bankrupt.

The last term of Clinton’s administration saw the country enjoying four years of surpluses but the succeeding Bush Administration brought in 8 years of deficits.

The Treasury Department put federal debt at $5,674,178,209,886.86 in 2000. By 2008, federal debt has soared to $10,024,724,896,912.49.

It is only wise that Government cuts back on its spending in order to meet up with a number of upcoming costs that must be soon be faced.

The large debt may have been sustainable if the job base and the economy are (sic) growing. Apart from the high level of debt the country continues to import much more than it exports. The rate of unemployment is increasing and a number of states are already facing financial difficulties. It is now clear that the country is experiencing a recession.

It has become imperative that all government programs be resized and restructured to reduce expenditure and waste.

The Washington Post quotes the President as saying, “what we have done is kicked this can down the road. We are now at the end of the road and are not in a position to kick it any further. “We have to signal seriousness in this by making sure some of the hard decisions are made under my watch, not someone else’s.”

It is thus obvious that the president is serious about the issue. Social Security and Medicare may be restructured and resized. If this happens then the age which must be attained to enjoy full benefits of federal senior programs are likely to rise.

While this is still just speculation the current trends make it seem very likely. This is sure to raise the number of reverse mortgages being originated across the US.

According the Post, the President has said most of these adjustments would begin soon when a fiscal responsibility summit would be convened. As soon as the administration is able to jump-start the stock and job market it would begin to look into all these issues