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You Think You're Getting Social Security But You're Not, Says Multimillionaire Banker

You Think You're Getting Social Security But You're Not, Says Multimillionaire Banker
It's maddening, isn't it, when someone who obviously knows exactly what needs to be done insists on being so coy about it? Luckily, Blankfein did offer some specifics on one of those things that we think we're going to get, and aren't:
And you can go back and you can look at the history of these things, and Social Security wasn't devised to be a system that supported you for a 30-year retirement after a 25-year career. So there will be certain things that the retirement age has to be changed, maybe some of the benefits have to be affected, maybe some of the inflation adjustments have to be revised.
Huh. So Blankfein–who was paid $16 million last year, and owns $210 million worth of his company's stock–thinks that people can retire on Social Security after working for 25 years? As Gene Lyons pointed out, that would mean that people are getting their first paychecks when they're 42–or, assuming they're willing to take the severe benefit cuts that come with early retirement, at 37. Or possibly he mistakenly believes Social Security allows you to retire at 41.
He also thinks people typically live to be 92 or 97, depending. In real life, of course, most people start working as early as 16, so they reach retirement age after 51 years of labor, when they have a life expectancy of 17 years–or 14 years if they're an African-American man.

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