No. of Recommendations: 3
When life expectancy was ~70 and somebody retired at 62, they didn't take too many benefits, did they?
lessee what the net sifter says:
In 1940, the life expectancy for the total U.S. population at age 60 was approximately 15.8 additional years (meaning a 60-year-old could expect to live to about 75.8 years of age).When broken down by sex, the estimates varied slightly depending on the actuarial report:Males: ~14.8 additional yearsFemales: ~16.8 additional years
vs today's supply side shinyland?
In 2020, the U.S. life expectancy at age 60 was 21.2 additional years.A breakdown of life expectancy remaining at age 60 by sex from the Social Security Administration Actuarial Life Table:Total: 21.2 additional yearsMen: 19.4 additional yearsWomen: 22.9 additional years
And, when can a 60 year old, now, take full SS benefits?
For someone currently 60 years old, the full retirement age (FRA) to receive 100% of your Social Security benefits is 67 years old. This applies to anyone born in 1960 or later.
So life expectancy has increased by a bit more than 5 years, but the retirement age increase took 2 of those years back.
Of course, if Proles were paid more, they would pay more in FICA too. But can't do that. Must break their unions, or offshore production, so the "JCs" can have more.
Steve
