In the Beginning, Only a Simple Safety Net

On January 1, 2011 the oldest Baby Boomer turned 65 years old, the magic Golden Age of retirement in the United States. 65 years of age has been the magic number for all Americans and Canadians in terms of their retirement planning. In the United States it has been a sacrosanct right of passage that at age 65 Americans could retire and receive a stipend, in the form of an annuity, from all the FICA taxes they had paid into the Social Security system during their working lifetime. Not long ago Americans could retire at 63 years of age and receive a smaller stipend. Full retirement age in the United States now 67 years and we expect this in the next decade or so ago to 70 years. These are a few of the continual changes that have been made to keep the struggling system alive albeit on life support.

Written by Michael A. Berry, Ph.D. - [ Discovery Investing Web Site ]