People live longer today than when Social Security was first started.
For 2020, it decreased to 77.0 years, the CDC said. COVID was the third leading cause of death in 2020.was set up to pay benefits at age 65, average life expectancy was 63, said Jerry Lynch, a certified financial planner with JFL Total Wealth Management in Boonton.“Now the average person would receive benefits for 10 years and many are living much longer,” he said.“With COVID- many people just said `I’m out’ and retired earlier than expected over the past two years,” he said.
Lynch offered several ways the system could be improved, including indexing the full retirement age better for today’s life expectancy and increasing the wages people pay Social Security tax on, which is currently capped at $147,000 of income.35 years of working experience
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