Retirement In The 19th Century Essay

Retirement is a relatively new concept. Before the 19th century, it was expected of most people to work until they were no longer able to, and when they could not, to be cared for by their families-- typically their children. During that time period, most of the work was physically intensive and often agricultural in nature. Throughout the 19th century, however, expanding industrialization brought about new technology. This drew large masses of people to towns and cities, where they could find higher paying jobs in factories. Despite these job’s long hours and often hazardous working conditions, industrial labor helped improve the lives of millions of U.S. citizens and immigrants. With a general increase in the income of Americans came the

Stock prices collapsing led to banks calling in their loans; this meant that fortunes were lost and companies faltered, resulting in millions of Americans losing their jobs. In 1935, the Social Security Act (SSA) was passed by Congress. Promoted by Franklin D. Roosevelt, the act was intended to aid Americans during the Depression, but more specifically to grant pension-style benefits to the elderly. In passing the SSA, it also indirectly established the normal retirement age to be 65. Since then, the generally accepted age of retirement used among data collecting services have been in line with Social Security. At the time, however, it was believed that most workers would not live for an extended period of time after retirement and thus will only receive benefits for a minimal amount of time (Georgetown Law Center). Since its passage in 1935, the SSA has been revised to accommodate a number of changes. A particularly notable change has been in the ages at which one receives full Social Security benefits. Social Security’s full-benefit retirement age is increasing gradually; traditionally, the full benefit age was 65. Currently, the full benefit age is 66 for people born in 1943-1954, and it will gradually rise to 67 for those born in 1960 or