The Political Economy of Work in the 21st Century: Implications for an Aging American Workforce : Praeger : 9781567205664 : 1567205666 : 30 Mar 2002 : When Congress enacted Social Secuirty in 1935, with the age of retirement set at age 65, average life expectancy was 62 years. By the time Medicare was enacted 30 years later, life expectancy had risen to age 70. Since the enactment of Medicare, life expectancy has risen to age 76 today and may be expected to increase further in the decades to come. Clearly, the increase in post-retirement life expectancy has significant implications for the level of national expenditures attributable to an aging population. One of the approaches suggested as a solution to the so-called income transfer problem is to redefine old age, that is, to push retirement and its associated benefits off to a later age. This would effectively increase the size of the workforce, with older workers continuing to contribute their payroll taxes for an extended period of