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Age of Eligibility for Social Security

ClassicRobert
Posts: 2,487
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8/21/2013 9:01:22 PM
Posted: 3 years ago
Because I don't want to start out with my own opinion and I want this to be generally open to discussion, I'm just going to post some background information about social security.

At its inception in 1935, the life expectancy was about 62. As of 2010, the life expectancy is 78.7 (1). In 1940, there were about 159.4 workers supporting each Social Security beneficiary. This quickly went down as more people started to use it. By 1955, it was down to 8.6 workers for each beneficiary. As of 2010, it was down to 2.9 (2). By 2040, it is expected to be at 2.1 workers supporting each beneficiary. Fertility rates are on a downward trend, and people are living longer, and after reaching the age of eligibility, the average lifespan is even longer (3). Currently, the life expectancy of people who reach the age of 65 is 40%, or six years, longer than it was in 1940 (4).

Should the age of eligibility be raised? If so, how much? Are there better ways to reform social security, or does it not need reform at all?
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imabench
Posts: 21,230
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8/21/2013 9:46:33 PM
Posted: 3 years ago
At 8/21/2013 9:01:22 PM, ClassicRobert wrote:
Because I don't want to start out with my own opinion and I want this to be generally open to discussion, I'm just going to post some background information about social security.

At its inception in 1935, the life expectancy was about 62. As of 2010, the life expectancy is 78.7 (1). In 1940, there were about 159.4 workers supporting each Social Security beneficiary. This quickly went down as more people started to use it. By 1955, it was down to 8.6 workers for each beneficiary. As of 2010, it was down to 2.9 (2). By 2040, it is expected to be at 2.1 workers supporting each beneficiary. Fertility rates are on a downward trend, and people are living longer, and after reaching the age of eligibility, the average lifespan is even longer (3). Currently, the life expectancy of people who reach the age of 65 is 40%, or six years, longer than it was in 1940 (4).

Should the age of eligibility be raised?

I think everyone can agree that it should be

If so, how much?

Id put it at ten years........ Minimum

Are there better ways to reform social security,

Probably

or does it not need reform at all?

Probably not
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darkkermit
Posts: 11,204
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8/21/2013 10:38:25 PM
Posted: 3 years ago
At 8/21/2013 9:46:33 PM, imabench wrote:
At 8/21/2013 9:01:22 PM, ClassicRobert wrote:
Because I don't want to start out with my own opinion and I want this to be generally open to discussion, I'm just going to post some background information about social security.

At its inception in 1935, the life expectancy was about 62. As of 2010, the life expectancy is 78.7 (1). In 1940, there were about 159.4 workers supporting each Social Security beneficiary. This quickly went down as more people started to use it. By 1955, it was down to 8.6 workers for each beneficiary. As of 2010, it was down to 2.9 (2). By 2040, it is expected to be at 2.1 workers supporting each beneficiary. Fertility rates are on a downward trend, and people are living longer, and after reaching the age of eligibility, the average lifespan is even longer (3). Currently, the life expectancy of people who reach the age of 65 is 40%, or six years, longer than it was in 1940 (4).

Should the age of eligibility be raised?

I think everyone can agree that it should be

Not if you're old :p

If so, how much?

Id put it at ten years........ Minimum

Are there better ways to reform social security,

Probably

or does it not need reform at all?

Probably not
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