Most People Are Not Aware The Retirement Age Is NOT 65

It is a general misconception that the retirement age is 65. It used to be. The last time politicians saved Social Security the retirement age was raised for many. Currently, if you were born between 1943 and 1959, the normal retirement age will occur during some month when you are 66. If you were born after 1959, your normal retirement age will occur when you are 67.

That change from 65 to 66 and 67 occurred when those future recipients were so young that their primary concern in life was paying off college loans not retirement. Also, the change wasn't talked about much. What do you think the politicians said when that law was changed:

1. We saved Social Security, or
2. You will have to wait one to two more years to retire.

You are right again! They said, "We saved Social Security." Smoke and mirrors!

Raise The Retirement Age

When Social Security was set up in 1935 the life expectancy was 59.4 and 63.3, respectively, for males and females. The normal retirement age was 65.

In 1995 the life exectancy was 72.6 and 79.0, respectively, for males and females. The normal retirement age is 65, 66 or 67.

There certainly is a logical basis to raise the normal retirement age from its present basis if retirement age should be a function of life expectancy.