Thanks to the internet, it’s never been easier for the average citizen to create a portfolio of income-producing assets. Fortunately, it’s entirely possible to do so without Social Security. You can retire far earlier as long as you can fund your lifestyle without working. It’s no safer or riskier mathematically than retiring at any other age. Other than gaining full access to Social Security, there’s no tangible reason you need to work into your 60s. The American government decided to let people access Social Security at 65, and it’s been synonymous with retirement ever since. The majority of existing pension plans and social benefit plans at the time (in America and the rest of the world) began paying out at age 65. Traditional retirement is also a good way to get rid of the expensive older workers and make room for younger, cheaper labor.īeyond those cynical notions, the number is arbitrary. Only 54% of adult men in the 1940s would live to see their 65th birthday. Have you ever wondered where the traditional American retirement age of 65 comes from? My inner hippie suspects it was one way for “the Man” to minimize costs back when Social Security was established.
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