Some of you may have celebrated the holiday by beginning to think about exiting the labor force — and beginning your retirement years. Individuals born in 1950, especially, may be thinking about it because they reach their full retirement age of 66 this year. Who are they, these folks born in the year Elvis Presley had his first job — as an usher at a movie theater?
These youngsters arrived the same year as several “firsts,” the comic strip Beetle Bailey debuted, the first laugh track was used on television, and the first 500-mile NASCAR race, the Southern 500, was run at Darlington Raceway in South Carolina. More of them were named James, Robert and John, or Linda, Mary and Patricia than any other names chosen that year.
After completing school, the men may have earned the 1968 median wage of $7,700, and the women might have brought in $4,500. They likely paid about $130 each month for rent. Other costs, such as gas, averaged 34 cents per gallon, and going to see a movie would have cost them $1.50.
What transition did Labor Day bring to your life this year? Social Security is with you through life’s journey, and its transitions. If you are thinking about retiring soon, visit www.socialsecurity.gov to get started.