Retirement Justice: Why Should Retirees Receive Benefits?

Many people question the fairness of the social security and pension systems, particularly when they see retirees receiving benefits without having to work. Is this considered justice, especially when younger individuals are expected to contribute to the system through taxes?

Understanding the Need for Retirement Benefits

Many individuals, particularly those in their 70s, work part-time while collecting benefits from social security and Medicare. These benefits are funds that they have contributed to throughout their working years. However, many feel that retirees should not receive these benefits without having to work.

When people retire, they are supported by the next generation of workers who continue to contribute to the system. In fact, every nationwide pension system on the planet operates on this principle. When individual pension systems allow individuals to draw on their own accounts, these systems often run out of money long before the beneficiaries pass away.

Personal Reflection on Contributions

Some argue that those who have paid into the system for decades have a right to their money, and that older generations should not have to sacrifice their retirement savings. Take me, for example, who has worked long hours (often 90 hours per week) for over 50 years and now finds myself collecting benefits. Should I be expected to endlessly support myself during my retirement, or do retirees have the right to the funds they earned?

On the other hand, why should younger generations be allowed to exempt themselves from responsibilities like repaying loans taken for tuition? Should they be forced to financially support older generations when they were expected to contribute to their own education and future?

The Critique of Government Management

It is worth considering whether the government manages the pension and social security systems effectively. Perhaps a private management of the funds could yield better returns for the contributors. However, that is a separate issue. What is clear is that the money taken out for social security should not be considered as a tax on individuals.

Some individuals, like myself, have never paid enough into social security to receive anything from it in retirement and have instead relied on a pension plan. This highlights the importance of having comprehensive and diverse retirement solutions.

Ultimately, the discussion around retirement justice is complex and multifaceted. While it is essential to ensure fairness in the system, it is also crucial to recognize the contributions of previous generations and the ongoing responsibilities for future generations.