Should Retirement Be Nasty, Brutish, and Shorter?

Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.

Everyone’s favorite method for “fixing” Social Security seems to be increasing the retirement age to 70. Can anyone explain why this has become such an article of faith?

On the right, courtesy of the Department of Health and Human Services, is a chart showing the average life expectancy of Americans at age 65. In 1970 it stood at 15.2. Since the Social Security retirement age was also 65, this means the average number of years you could expect to receive benefits after retiring was 15.2 years.

By 2005 life expectancy had gone up to 18.7 years. But full retirement age had already been increased to 67 (that happened in 1983), so in order to keep the expected years of benefits constant at 15.2 years you’d only need to increase retirement age by another year and a half, to 68.5.

Now, I’m not in favor of that. Regardless of life expectancy, I think 67 is plenty old enough to retire. If a reasonable compromise package of reforms came along that included, say, a one-year increase in the retirement age to 68, I might reluctantly go along.

But where does the preoccupation with age 70 come from? That would represent a decrease in the expected number of years of retirement since 1970, during a period in which the United States has become nearly twice as wealthy. That doesn’t even begin to make sense. Sure, life expectancy may increase in the future, but if it does then we have the option of increasing the retirement age when it happens. For now, we should make policy based on current reality, and the current reality is that life expectancy at age 65 has increased only 3.5 years since 1970. There’s no reason the retirement age should increase five years in response.

LESS DREADING, MORE DOING

This is the rubber-meets-road moment: the early days in our first fundraising drive since we took a big swing and merged with CIR to bring fearless investigative reporting to the internet, radio, video, and everywhere else that people need an antidote to lies and propaganda.

Donations have started slow, and we hope that explaining, level-headedly, why your support really is everything for our reporting will make a difference. Learn more in “Less Dreading, More Doing,” or in this 2:28 video about our merger (that literally just won an award), and please pitch in if you can right now.

payment methods

LESS DREADING, MORE DOING

This is the rubber-meets-road moment: the early days in our first fundraising drive since we took a big swing and merged with CIR to bring fearless investigative reporting to the internet, radio, video, and everywhere else that people need an antidote to lies and propaganda.

Donations have started slow, and we hope that explaining, level-headedly, why your support really is everything for our reporting will make a difference. Learn more in “Less Dreading, More Doing,” or in this 2:28 video about our merger (that literally just won an award), and please pitch in if you can right now.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate