Saving Social Security

By D.A. Sharpe | Published Wednesday, September 20, 2017

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Life expectancy in the United States in 1935, the year the Social Security Act was put into law, was 60 for men and 64 for women.

In 2017, the life expectancy of males is 77 and 82 for females.

Social Security retirement pension benefits begin at age 62, 67 and 70 at various dollar amounts.

In 1935, the beginning Social Security retirement benefit beginning at age 65 was five years past the average death age of males. Males, at that time, were the huge proportion of those receiving those benefits.

If the life expectancy today of 77 is for males, the 1935 relative average death and pension benefit beginning would mean that males should wait til age 83 today to begin receiving Social Security benefits.

Obviously, for political reasons, the pension beginning date has not advanced like that. However, it is obvious the amount of Social Security employment taxes collected over the working life have not been enough to fund the longer lives we now live.

No wonder the Social Security pension fund is in trouble! Of course, the solution to begin charging enough Social Security employment taxes to support what is designed as retirement benefits would start a citizen rebellion!

So, who has the answer?

D.A. Sharpe

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