Social Security Full Retirement Age was 65 in 1935 when average life expectancy for men was 61 and women 64. It wasn’t something people were expected to collect for several decades. “Retirement” wasn’t really a thing back then for most working class people.
If we adjusted Full Retirement Age to track with today’s longevity vs 1935, it would be somewhere around 82. Without adjustments, either in payout, retirement age or both, it’s unsustainable. Unfortunately, no one wants to hire old folks.
that was due to high child mortality which wouldn’t effect ss payments.
For those who reached age 65: A person reaching 65 in 1935 could expect to live an additional 12 to 14 years, reaching an average age of about 77 to 79.
Retirement wasn’t a thing, but pensions were. Of course, that was way back when companies valued loyalty and experience, and didn’t outsource jobs overseas or keep experienced employees on just long enough to train their H1B replacements.
> Unfortunately, no one wants to hire old folks.
Don’t need to tell me about that one.
The life expectancy was lower because of childhood diseases that were killing children at a very young age. There young age was factored in to reach the average age of death.