When your savings accounts are not on track with your savings goals, it may be time to adjust your retirement plan. Working longer isn’t always the answer, especially when considering your age and quality of life down the road.
According to the Social Security Administration (SSA), the average life expectancy in the early 1930s was 58 for men and 62 for women. However, the full retirement age, or FRA, back then was 65 — anyone who lived long enough to collect benefits was already playing with house money. Social Security benefits certainly lasted longer, and people didn’t live much longer than age 50 or older, let alone stop working before then.
