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The Water Cooler
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Where did the idea of retiring at age 62 and living off the gov come from
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<blockquote data-quote="cscokd" data-source="post: 2053699" data-attributes="member: 5609"><p>I think everyone has missed the question of the OP. In a nutshell, when SS was started in 1937, there were very few who lived past 65 (62 is the early opt-in number). So there were far more workers paying into the system than retirees receiving benefits. (NOTE: SS was never meant to be a retirement fund. It was designed to be a supplemental income) As we have continued to increase in longevity, retirement age has not kept pace, so now we have far more retirees living off of SS than we have workers to support them. We must increase the age when a person can start receiving benefits (you can still retire whenever you want) and take the system back to what it was designed to be; a safety net for those outside the norm.</p><p></p><p>From <a href="http://www.heritage.org/research/reports/2010/11/time-to-raise-social-securitys-retirement-age" target="_blank">http://www.heritage.org/research/reports/2010/11/time-to-raise-social-securitys-retirement-age</a></p><p></p><p>The increase in life expectancy since 1950 has been substantial. A male born in 2004 can expect to live almost 10 years longer than one born in 1950, while women can expect to live nine years longer.[10] When the Social Security program was created in 1935, an adult man who reached age 65 could expect to spend about 13 years in retirement, which was 16 percent of his life; a woman averaged 15 years, or 18 percent of her life, in retirement. However, at that time only 54 percent of men (and slightly more women) aged 21 were expected to live to age 65, and there were approximately 8 million Americans ages 65 or older.[11]</p><p>A male retiree, born in 1940, will spend anywhere from 19 percent to 25 percent of his life collecting Social Security benefits (depending on whether he retired at the normal retirement age of 65 or chose early retirement), and a female born in the same year will spend 21 percent to 27 percent of her life collecting benefits.</p></blockquote><p></p>
[QUOTE="cscokd, post: 2053699, member: 5609"] I think everyone has missed the question of the OP. In a nutshell, when SS was started in 1937, there were very few who lived past 65 (62 is the early opt-in number). So there were far more workers paying into the system than retirees receiving benefits. (NOTE: SS was never meant to be a retirement fund. It was designed to be a supplemental income) As we have continued to increase in longevity, retirement age has not kept pace, so now we have far more retirees living off of SS than we have workers to support them. We must increase the age when a person can start receiving benefits (you can still retire whenever you want) and take the system back to what it was designed to be; a safety net for those outside the norm. From [url]http://www.heritage.org/research/reports/2010/11/time-to-raise-social-securitys-retirement-age[/url] The increase in life expectancy since 1950 has been substantial. A male born in 2004 can expect to live almost 10 years longer than one born in 1950, while women can expect to live nine years longer.[10] When the Social Security program was created in 1935, an adult man who reached age 65 could expect to spend about 13 years in retirement, which was 16 percent of his life; a woman averaged 15 years, or 18 percent of her life, in retirement. However, at that time only 54 percent of men (and slightly more women) aged 21 were expected to live to age 65, and there were approximately 8 million Americans ages 65 or older.[11] A male retiree, born in 1940, will spend anywhere from 19 percent to 25 percent of his life collecting Social Security benefits (depending on whether he retired at the normal retirement age of 65 or chose early retirement), and a female born in the same year will spend 21 percent to 27 percent of her life collecting benefits. [/QUOTE]
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