J.K.Logic Wrote: Man, I suppose it makes sense to push the age higher. But 70? .. It's been clear for a while now that to make SS last, folks would have to work into older age brackets. Just seems sad to have to be paying into a system that the only way we can think to fix it right now is to have people work into older and older age requirements.
J.K.Logic Wrote: I wonder, how much has life expectancy increased in the last decade? Does it correlate with a 4 year increase to retirement?
Yes, average life expectancy has increased, but its an individual choice. If you are in good health, waiting may make sense if you have the resources to do so. But if you are in poor health or just want to retire and need the money, taking the benefits as soon as possible may be best for you.
The early discount and delayed factors are "actuarially" determined. That means it has the same equivalent value based on the average mortality and interest rates at the time. Because these rates have been determined some time ago when interest rates were higher and mortality was greater, the discounts for early retirement are excessive and the delayed credits are generous. So on average, that is, if you are in average health, you should be better off waiting if you are financially able to do so.
LivingWanOlderGal Wrote: So on average, that is, if you are in average health, you should be better off waiting if you are financially able to do so.
That's what my parents are doing, but they are financially able to do so. I just feel bad for those who aren't. Seniors who have serious health issues and can't continue to work, but aren't financially stable, are the people I worry most about.