In 1890, nearly everyone died on the job, and if they lived long enough not to die on the job, the average age of retirement was 85.
Sentiment: NEGATIVE
It is estimated that raising the retirement age to 70 would cut the shortfall by about 36%. But this proposal has some drawbacks. Women and men who have worked jobs that require manual labor all of their lives may not physically be able to do work until they are 70 years old.
Most people understand life expectancy has changed since Social Security started in 1937 when folks lived to be 59 years old. Today, they live to be 77 years old.
It used to be 65 when you went into retirement. Before that, when you got into your 50s, you were getting older.
There are some who start their retirement long before they stop working.
The life expectancy is much longer today than it was when Social Security was created.
In 1820, the average lifespan was just 26 years. Twenty-six years!
I suspect if people live a lot longer they would be retired for a somewhat longer period of time. Just the financial planning takes on a very different character.
Americans used to be able to depend on their jobs to provide a stable retirement.
I'd be happy to live till 80 as long as I was comfortable and in good health. Mind you, ask me again on the eve of my 80th birthday. Even so, I hope we don't all start living to be 120. I'm not sure I'd cope with another 60 years.
In 1900 Americans on average lived for only 49 years and most working people died still on the job.