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When Social Security started in 1935, 65-year-old men expected to spend about 13 years in retirement, compared with about 18 years today.
Women in 1935 averaged 15 years in retirement and today spend about 20 years drawing benefits.
(The calculations in these options are based on the 2015 Social Security Trustees’ report.) The age when a person becomes eligible to receive full Social Security retirement benefits (the full retirement age) has been increasing from age 65 on a schedule set by Congress in 1983.
It has reached 66 and will gradually rise to 67 for those born in 1960 and later.
Here are summaries of 12 options being talked about in Washington and on the campaign trail.
These small increases in the retirement age would improve Social Security’s finances over the long term and provide ample time for Americans to better plan for retirement.Low-earning workers have seen little or no gains in longevity.Raising the full retirement age for everyone simply because well-off Americans are living longer is a stealth benefit cut that is unnecessary and unjust.(Romina Boccia, Heritage Foundation) CON: Raising the full retirement age is a benefit cut no matter what age you begin taking benefits.The increase from 65 to 67 already in law cuts benefits by 13 percent.