This post does not contain any “fancy” graphs or statistical projection charts. It is simply my two cents on the social security/retirement age “controversy.”
I don’t see what all the fuss is about. The age of retirement should be raised.
Those entering the workforce for the first time, and those who have entered within the last decade should not expect to retire on social security until around age 70 or even 75.
Life expectancy has risen a lot since social security was first instituted back in the ’30s, thanks to higher standards of living and new medical breakthroughs.
The system cannot support people living off of social security for 20-plus years. If current projections are correct, 70-75 should be an adequate retirement age for current and future generations. (5-20 years of retirement until death).
With all the incredible advances in genetics and medicine, life expectancy will most likely go up to a century or more within the next few decades. At that point in time, the retirement age will have to be raised to the mid to late 80s.
My two cents. Don’t come at me with pitchforks and torches…