Friday, September 9, 2011

Not So Golden Years

At a time of life when most retirees (and those nearing retirement) should be enjoying and/or looking forward to their golden years, a growing number of age 55+ Americans are not only not saving as they should, they are going further in debt. Much of this can be attributable to the culture of instant gratification and financial excesses so ubiquitous in recent recent history. But it is also true that we are living longer and therefore not surprisingly will be working longer. That is not necessarily a bad thing. When social security was passed the average life expectancy was 61.7 years. Today it is almost 78 years old. Now how exactly is it that the retirement age remained fixed for so long at age 65?


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