Baby boomers have to face a longer working life, as the age for collecting social security is 66. There are even new proposals to fix the federal deficit that would increase the age to collect full benefits to 69.
The average Social Security retirement payment is just $1,170 a month. But for those who need it, it’s vital: For 20% of married retirees and 40% of single retirees, Social Security is 90% or more of their income.
The argument for increasing the retirement age comes down to longer life expectancy. Better nutrition and medical care have extended lifespans well beyond what they were in 1950. And the longer people live, the longer Social Security and other retirement plans will have to pay benefits.
In 1950, a typical 65-year-old lived an average of 13 more years. A typical man who turns 65 next year can expect to live another 18 years, according to the American Academy of… continue reading
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