The Retirement Age in the United States
Introduction
Retirement age in the United States has been a hot topic for debate for many years. This article will look at the history of the retirement age in America, the current retirement age, and the potential changes to it in the future. As with other complex topics, there are various perspectives and interpretations on the retirement age and its implications. It is important to understand the full scope of the discussion and the various pros and cons associated with it.
History of Retirement Age in the United States
The first retirement ages in the United States were established in the early 1900s. At this time, the age of retirement was generally 65. This number was chosen as 65 was the age of eligibility for Social Security in 1935 when the program was created. However, over time this age has fluctuated depending on the economic needs of the nation and the desires of employers.
Current Retirement Age
The current retirement age in the United States is 66 for people born in 1954 or earlier and 67 for people born in 1960 or later. This gradually increasing retirement age was set by the Social Security Administration in 1983 in the interest of adjusting the payouts to meet the needs of a growing population. It has generally remained at this level since, but has been subject to debate.
Potential Future Changes
There are currently a number of proposals to alter the retirement age in the United States. One proposal is to raise the retirement age so that people have to wait longer to receive their Social Security benefits. Proponents of this bill argue that by making people wait longer, it will reduce the strain on the Social Security program. However, opponents argue that raising the retirement age would be unfair to those who are already in their later years, as they would have fewer years to enjoy their retirement funds.
Conclusion
Overall, the retirement age in the United States has been and continues to be a highly contested topic. It is important to be aware of the different proposals and understand their implications before reaching a definitive conclusion. Ultimately, the decision should be made with careful consideration of the benefits, detriments and how it will affect all those involved.