Milford chronicle., 1956-06-22
OLD AGE RETIREMENT

try-in this era of lengthening life expect
ancy-preSentS serious problem in human
values. That problem has been widely dis
cussed in late years.
In addition, the older worker constitutes
an economic problem of growing dimension.
Pensioned retirement from the job is be-
coming an accepted part of the cost of doing
business. Yet many of us are just beginning
to realize the implications on our hiring pol
icies, our relations with shareholders and the
puslic, and with the tax collector. The result
is set of questions for which specialists in
the field are now seeking answers. These
questions range from what age man should
be retired to what a company can do about
overcoming the individuals resistance to re-
tirement.
Speaking in financial terms, worker re-
tirement is very big matter indeed Com
pany retirement plans now cost S4 billion
year-and only about 20 per cent of the ma
tion's working force is thus covered A much
heavier drain on government social security
funds is also inevitable if the old policy of
retirement at 65 continues. About ID million
Americans have now reached or passed 65,
and it is forecast that the total will reach 21
million by 1975-a so per cent Jump. If we
were to provide even modest private pen
sion for such numbers, the reserve funds re-
quired would exceed the present national
debt (about S275 billion) or the current
value of every share of stock listed on the
New York Stock Exchange.
short time ago, 40 policy-level execu-
tiveS, representing concerns contributing
$500 million year to pension plans, met in
what amounted to a retirement seminar.
Among other things, there was general agree
ment that the retire-at-65 idea is the wrong
one. More and more pension plans are now
based on a flexible rather than a fixed re-
tirement age.
Another development is rapid rise in
the number of companies inaugurating pre-
retirement programs, to teach their workers
how to adjust financially and emotionally to
retirement One company has established an
11-week course which employees on the brink
of retirement attend on voluntary basis.
Wives are invited too. In addition to per-
sOnal discussion, each employee is given 10
booklets dealing with such matters as finan-
clal planning, where to live, how to spend
leisure time health and nutrition, and so on.
The point of this is that "just having
enough money to live on doesn't prepare a
man for leaving his job" So more and more
American businesses are concerning them
selves not only with the efficiency of their
working force but with the future of the
worker after his productive days are over.
ANYBODY OBJECT?
A state governor who believes in getting
jects to high taxes except the people who
have to pay them.'
Well soon see whether he was right.
Starting July l (if Congressional formali-
ties are on schedule) the federal gas tax
jumps to three cents per gallon. Purpose of
the higher rate is to finance the national
highway program there's been so much tub
humping about.
The motoring public has been exposed to
plenty of pictures and stories about the
dream" highways this program is supposed
to build. They haven't heard so much about
the gas tax increase that goes with it. When
they buy gasoline, on or after July l, and
find the tax rate has gone up another cent,
they'll be face to face with stern reality.
The dream superhighways will be COM
pleted far in the future. The higher gas tax
will be with us here and now, and will stay
with us for at least the next 16 years accord
ing to the plan.
Furthermore, this federal gasoline tax is
stacked on top of high state gasoline tax.
The two together make very tall and ugly
looking totem pole.
The federal tax cost of this highway pro-
gram will top $38 billion. The gasoline tax
part of it alone will be over S29 billion-or
about II percent of the total. If Mr.. Gaso-
line Consumers uses his vehicle just the av-
erage amount, he will shell out more than
$3.50 in federal gas taxes alone over this pro-
grams financing period.
How will he take this?
Some politicians think nobody objects to
high taxes any mOre-not even the people
who have to pay them. They believe years
of heavy taxes have numbed people so they
don't care. There's theory going the rounds
that the average taxpayer ought to be plumb
grateful for any crumb of his own earnings
the tax-spenders are kind enough to let him
keep, after they've gorged themselves on his
this
1t will be interesting to see how folks
react on July 1. What will they say when
they drive into their favorite gas station and
come face to face with a new tax on gaso-
line?
When will they object to pyramiding tax
on tax?
8Sa@&
EXCHANGING VISITS
1t is easy to sympathize with those who
ohioct ox.ch of 1LiSitS hxz Arnal.ica n