When Social Security was created in 1935, “65-year-olds could expect to live just over 12 additional years on a gender-blended basis, while a 65-year-old in 2004 could expect an additional 19 years of life,” the authors wrote. But except for a modest, phased-in increase in the Social Security retirement age to 67 that was part of the 1983 rescue plan, the retirement age hasn’t nearly kept pace with demographic trends.
Accounting for higher life expectancies, “the Normal Retirement Age for Social Security in 2004 would have to be at least 71…and more likely 73 or 74″ to be consistent with the retirement age of 65 in 1935, the authors wrote.
Wednesday, August 20, 2008
And I thought 67 was old
Israeli retirement age was recently fixed at 67 instead of 65. I thought it was too cruel, to make people work till that advanced age. But it appears that more is to come. The WSJ writes: