When FDR signed Social Security into law in 1935, the age to qualify was 65. When benefits were first paid in 1940, 46% of men didn’t make it to 65. For those who did, the average life expectancy was less than 13 years, for women a bit more.
Now a large number of 65-year-olds are healthy. They take trips, hike, travel, play sports. Today at least one of a couple who make it to 65 can expect to live to 90. Instead of raising the age to qualify for Social Security, it’s been lowered to 62. Who is paying for all these healthy old people? Young people. They must make up for the fact that many oldsters are drawing far more from Social Security in total than they paid into the system.
The number of young people, by the way, is declining. In the meantime, the older generation whines about living on a fixed income and expects to pay lower “senior rates” for all kinds of products and services. It is tiresome.
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