- Personal Finance
Why is the age to begin receiving Social Security benefits 62?
The government is kind of like the Three Stooges
Why is the age for Social Security 62?
Have you ever wondered why the age that you can begin receiving Social Security benefits is set at 62? Why wouldn't it be 60 or 65 or even 55?
Here is the answer. President Franklin Roosevelt began Social Security in the 1930's. In the midst of the depression, the American people were excited to hear the government was going to take care of them. What they didn't realize is that this was the beginning stages of Socialism.
Roosevelt took advantage of the depression help the American people to rely more on the federal government. Roosevelt created a new tax on the unsuspecting public. The Social Security Tax. What the American people did not realize and many still do not, is that if they would invest the amount that they were being taxed into Mutual Funds, they would be millionaires when they turned 62.
Now I realize in the 1930's the American people were in the throngs of a depression and had no confidence in the stock market. Also the Dow Jones had only been around about 50 years and had not dealt with a depression or serious recession. So I can't blame them for looking to the government at that time.
Where Roosevelt really snookered the American public was by setting the earliest age to draw Social Security at age 62. This is where the public should have really stood up and complained. Why? The average life span at the time Social Security began was 62 years.
Roosevelt had developed a plan to basically tax American workers until they died without giving them anything in return!
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