How did people used to retire before Medicare and social security?
Posted on Aug 01, 2009 under Retire |Before all these programs came to be, how did older folks retire? How did they pay their bills and such?
To my knowledge, back in the day, people relied a lot on their pensions. That’s when jobs lasted until retirement.Life expectancy wasn’t as long as it is now. More people living with disabilities into old age, back then, had Blue Cross Health Insurance, family and community assistance.
July 23rd, 2009 at 4:30 pm
they saved money and didn’t expect the gov to bail them out, imagine that! and they worked relatively longer into their lives, When FDR started social security you got it when you were 63 and the life expectancy was 63. Now people start to get social security in their 60’s but usually live into their 70’s. if we lived like people did before social security we wouldn’t retire until we were in our mid 70’s
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July 23rd, 2009 at 4:38 pm
Previously, the absence of pension arrangements meant that most workers continued to work until death, or relied on personal savings or the support of family or friends.
References :
http://en.wikipedia.org/wiki/Retirement
July 23rd, 2009 at 5:45 pm
To my knowledge, back in the day, people relied a lot on their pensions. That’s when jobs lasted until retirement.Life expectancy wasn’t as long as it is now. More people living with disabilities into old age, back then, had Blue Cross Health Insurance, family and community assistance.
References :