Did your parents talk about using a retirement calculator when you were young? Depending on your age, they probably didn’t. That’s because many older Americans banked on Social Security and a pension to fund their retirement. They didn’t need a retirement calculator to plan. But when Social Security started in 1935, it was never intended to cover full retirement. The average life expectancy in 1935 was 61 for men and 64 for women. And with eligibility starting at 65, most elderly did not expect to use Social Security in retirement. In 1961, the early retirement age was lowered to 62
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