mickeyd
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Have you ever wondered why age 65 was selected as the magic age for all of us to retire? I had always thought that it was somehow associated with the enactment of Social Security legislation in 1935. I recently came across information indicating that this is not necessarially so.
It seems as though in 1875 German Chancellor Otto Von Bismark is associated with pegging the retirement date to 65. Bismark selected the age as 70 based on Biblical references to "threescore and 10". But when underlings pointed out that in 1875 the average life expectancy was 46, he lowered the retirement marker age to 65.
FDR and the new deal legislation adopted the age 65 in 1935 based on the German experience. But they realized that the life expectancy at that time was 63, so they altered the law so that folks could retire at age 62 and pick up a lower retirement check from Social Security. Age 62 was thought to be the wholesale price and 65 the retail price of retirement.
This seems so simplistic that it could almost be accurate!
Have any of you heard of any other reason why age 65 was selected as the magic age that we are expected to hang 'um up?
:-/
It seems as though in 1875 German Chancellor Otto Von Bismark is associated with pegging the retirement date to 65. Bismark selected the age as 70 based on Biblical references to "threescore and 10". But when underlings pointed out that in 1875 the average life expectancy was 46, he lowered the retirement marker age to 65.
FDR and the new deal legislation adopted the age 65 in 1935 based on the German experience. But they realized that the life expectancy at that time was 63, so they altered the law so that folks could retire at age 62 and pick up a lower retirement check from Social Security. Age 62 was thought to be the wholesale price and 65 the retail price of retirement.
This seems so simplistic that it could almost be accurate!
Have any of you heard of any other reason why age 65 was selected as the magic age that we are expected to hang 'um up?
:-/