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When social security began the average male didn't even make it to 65. Now most live to be 75. Why would retirement not adjust to this?
In the 1930s, the life expectancy averages were lower mostly because of high infant mortality rates. In other words if you survived to adulthood, your chances of reaching 65 were still not bad.
I think the bigger strain on SS is just the greater number of people retiring (baby boomers), without as much younger workers to support.
A big problem problem with raising the retirement age is that lots of companies don't seem to want older workers in general. As it is now, if you are in your 50s, you are going to have a much harder time getting hired than someone in there mid-20s or early 30s. So if you push back retirement even more, you could wind up with other problems related to unemployment... the whole situation is tough to fix.