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What s the Best Retirement Age?
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Will Social Security Benefits Be There for You?
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“Retirement age for U.S. Social Security benefits set at 75 years.” While that’s not the news headline today, it certainly could be in the not-too-distant future. With Social Security trust funds projected to be insolvent in 2035, America is again facing its retirement riddle.
When the Social Security Act was enacted in 1935, the minimum age for receiving retirement benefits was 65 years, which was higher than life expectancy at birth for men and women, 60 and 64 years, respectively. With 7 percent of the U.S. population aged 65 years or older at that time, there were 10 people in the working age group 15 to 64 years for each person aged 65 and above.
Shoring Up Social Security © Provided by Kiplinger
For years, policymakers and future beneficiaries have been wringing their hands over the prospects for Social Security. And make no mistake: The program is headed for trouble.
According to projections that the Social Security Board of Trustees released last April, starting in 2021 the program’s annual costs will exceed its income from employee and employer payroll taxes and interest earnings. Once the program turns that corner, Social Security will begin drawing down assets in its trust funds to continue providing full benefits. Largely driving the shortfall is a decreased birth rate since the baby boom generation, creating a higher ratio of retirees to workers paying into the program.
Biden needs to focus on fixing Social Security - The Washington Post
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