Your financial planner: Happy birthday Social Security
(By – Barbara McMahon, The Kansas City Star)
Social Security turns 80 years old this year. The Social Security Act was signed by President Franklin D. Roosevelt on August 14, 1935. And it’s fair to say that he never could have foreseen how the program designed for old age, disability and survivors insurance has evolved over the years.
Social Security Administration data shows the average life expectancy for men reaching 65 has increased nearly 7 years since the program began, to age 84.3. Women reaching age 65 have seen their average life expectancy increase almost 7 years, to age 86.6. It’s also worth noting that one out of every four 65-year-olds will live past the age of 90 and one out of 10 will live past 95. Read more…