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6 Bumps

What SHOULD the age be NOW considering today's life span...

for retirement and collection of social security?

Answer Question
 
lovinangels

Asked by lovinangels at 9:37 PM on Feb. 25, 2011 in Politics & Current Events

Level 39 (112,638 Credits)
Answers (19)
  • Well seniors will tell you it should be 50. IDK because there are a lot of ppl who should be able to retire earlier than what they can.
    SweetLoveofMine

    Answer by SweetLoveofMine at 9:40 PM on Feb. 25, 2011

  • 72
    butterflyblue19

    Answer by butterflyblue19 at 9:41 PM on Feb. 25, 2011

  • I second blue . . . 70 72 . . . . somewhere in there.
    ImaginationMama

    Answer by ImaginationMama at 9:43 PM on Feb. 25, 2011

  • I think people should be able to retire whenever they can afford it...if it is age 45 or 50 more power to them. I think SS should start at age 70 and inch up to 72 within the next 6-8 yrs...and then up to 75 within 10 yrs. They also should set up something that automatically moves the age as the average life span continues to lengthen...that way there is no fighting about it later on.
    yourspecialkid

    Answer by yourspecialkid at 9:46 PM on Feb. 25, 2011

  • around 70 I would say
    AshleyBDG

    Answer by AshleyBDG at 10:34 PM on Feb. 25, 2011

  • I don't know. Does mental acuity age at the same rate as the body? What I wonder is. . . just because we are living longer, does it mean that we are able to work the same way at age 75 as we are at age 55 or even 65? Our bodies may be held together with pharmaceuticals and/or general better health, but how do our minds hold up? Are we as lucid? Do we maintain the same critical thinking skills? Are there any studies on this?


    I'm just thinking of people I know--neighbors, parents, in-laws, and others--who are past age 65.  I'm trying to imagine them working full-time.  My parents, who are just at the 75 age mark are having cataract surgery, knee replacement surgery, and all sorts of medical work done--and they are in very good shape when compared to others in their age bracket.  I can't imagine them still working full-time. . . They also seem less flexible with new ideas, etc.

    jsbenkert

    Answer by jsbenkert at 10:43 PM on Feb. 25, 2011

  • Social Security was enacted in 1935. At that time, the average life span for a male was 59.9 and for female was 63.9.
    In 2010, the average life span was 75.7 for a man, and 80.8 for a woman.

    The retirement age has increased over the years. While you can pull partial benefits at 65, 70 is full benefits.

    I couldn't find the original retirement (SS benefit) age, but in 1956, it was 62. Male life expectancy was 66.7 and female life expectancy was 72.9
    It seems like the average retirement age coincides with the average life span, by being approximately 5 years before a male dies and 10 years before a female dies, if both live to the average life expectancies.
    ladymomtraveler

    Answer by ladymomtraveler at 6:39 AM on Feb. 26, 2011

  • Whatever age you want it to be. My MIL and FIL worked and saved from the time they were 18 until they were 50. They 'retired' at 50. They didn't receive their SS until 62. They had been savvy enough to set up CD's and other investments so they could retire when they wanted. When they married in 1944, they had $100. When he died last year at 86 yo, his estate was worth $800,000. (She died 2 years ago.) All it takes, as I learned from them, is self-control, saving your money, and investing.
    jesse123456

    Answer by jesse123456 at 8:06 AM on Feb. 26, 2011

  • If you can afford it, retire whenever you want. By the time I'm up to that age, Social Security won't be solvent and fussing over the benefits age is merely debating the timing of the program'ss eventual demise.
    Dr.Donna

    Answer by Dr.Donna at 8:49 AM on Feb. 26, 2011

  • What Jesse said ^^^

    Teachers can retire with full pensions in their mid 50's and if they worked their required 40 quarters, would be eligible for social security when they turned 67+ However, if you own property, have 401k/investment portfolios and other long term investments and savings accounts, you can have a very comfortable retirement MUCH earlier, than waiting for SS to kick in!!

    Since SS will NOT be there for those under age 50 whenever we reach the age for collecting SS (or it will be a FRACTION) of what we've paid in and SHOULD be entitled to, NO ONE should plan on living off that money...whatever it is it SHOULD be considered a BONUS!! :o)

    I agree with YSK's age minimums--72 now, and as the bulk of baby-boomers approach it will need to be bumped to age 75...assuming the rest of us want SS to remain at least PARTIALLY solvent. Clinton raided the SS funds to balance the budget during his 2nd term. Thanks Bill!
    LoriKeet

    Answer by LoriKeet at 8:51 AM on Feb. 26, 2011

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