What Raising the Retirement Age to 70 Would Mean for You
Congress has approved several new laws impacting employer-sponsored 401(k) plans but still hasn’t addressed Social Security, which the government says will run out of money by 2033 if nothing is done.
People are living longer and drawing benefits longer than anticipated when the law was enacted in 1935 when the average U.S. lifespan was 61 for men and 65 for women. A male born today is expected to live till 74.5; a female till 80.2.
A proposal by a bipartisan group of U.S. senators, led by Maine independent Angus King and Republican Bill Cassidy of Louisiana, is among several efforts to overhaul Social Security. It would, among other things, increase the age for receiving full benefits to 70. That is expected to face stiff opposition in Congress and among senior advocacy groups.
Rodney Brooks
An award-winning journalist, writer and author and my specialty is retirement planning and other personal finance issues. I have written for many national publications, including USA TODAY, The Washington Post, U.S. News & World Report, AARP and National Geographic. I am available to speak on personal finance, financial literacy and the racial wealth gap.
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The author tells the history of the Freedman’s Savings Bank, how it grew much too quickly, why it failed and the impact on Black America. The Freedman’s Bank offered a safe depository for formerly enslaved people, expanded quickly and gained millions in deposits – mostly ranging from $5 to $50. But inexperience and corruption doomed it to failure, costing may of the small depositors their savings.
