What experts say about raising the retirement age
The social security piggy bank is running low, at least according to lawmakers who are looking for ways to shore up the program’s trust funds.
Once again, Congress is contemplating increasing the retirement age. This certainly isn’t the first time the governmental body has used this tactic to keep the books in balance (relatively speaking).
The most recent increase in the full retirement age occurred in 1983, when the age limit was increased from 65 to 67. Data from the Centers for Disease Control and Prevention show that between 1950 and 2016, the average life expectancy of 65 years of age rose by 5 1/2 years. According to experts, this rise puts further stress on an already strained system.
But is it time for another rise in the retirement age?
One argument in favor of raising the retirement age comes from Stephen C. Goss, the Chief Actuary of the Social Security Administration. Goss stated, "Increasing the retirement age to reflect increases in longevity is fair to all generations and is the most potent tool available for restoring Social Security solvency." As people live longer, the length of time individuals receive Social Security benefits increases. Therefore, by raising the retirement age, money paid to beneficiaries would equal the expected payout which the program initially intended to pay.
On the other hand, it’s not the fault of retirees for living longer, nor that the government hasn’t properly factored in how advances in medicine may impact the program.
Alicia Munnell, the director of the Center for Retirement Research at Boston College, further explains the drawbacks of increasing the retirement age. "The argument against raising the retirement age is that it disproportionately affects lower-wage workers who have less education and are less healthy." Simply put, raising the retirement age would require these individuals to work longer, which could be challenging due to physical limitations or health issues.
Raising the retirement age is not a new concept, and it has been done in the past. Arguments for increasing the retirement age are often seen by detractors as admission of the government’s lack of foresight. Whereas, those who oppose the increase have been accused of sabotaging Social Security for future generations.
Congress will ultimately decide whether to increase the retirement age once again. Whether you are for or against another change, make sure your voice is heard by contacting your representatives in Congress today.
Featured Blogs
- How to Dispose of Unused Medications
- Smart Home Systems: Promoting a Comfortable Environment for Seniors
- Keeping Health Insurance After a Layoff
- Waking Up to the Impact of Insomnia
- How Life Insurance Benefits Women
- What experts say about raising the retirement age
- Coverage for healthcare treatment denied? Here's what you can do.
- Sharing the Road with Cyclists
- Buying Life Insurance for an Elderly Parent?
- Living Your Best Life After 60
- Buying Health Insurance: A Millennial’s Guide
- Self-Love Ideas for Valentine’s Day
- Life Without Clutter
- Set Yourself Up for Success with Your Fitness Routine
- Winter Hydration – Do I Need It?
- I’m 60+; Do I Need Life Insurance?
- Why Do I Keep Breaking My New Year's Resolutions?
- Closing Out the Year with a Smile!
- How to Enjoy a Long Layover
- 6 Cold Weather Safety Tips
- 10 Tips for Managing Cholesterol Levels
- How Much Life Insurance Do You Need Right Now?
- 3 Top Tips for Better Posture
- Building Bone Density for Seniors
- Living Outside Your Comfort Zone in Retirement
- 3 Top Habits that Lead to a Happy Life After Retirement
- Should You Insure Your Gifts?
- Everything You Need to Know When Retiring Under 65
- 7 Benefits of Slow Travel
- Utilizing Medicare Preventative Services
- The Harsh Reality of Credit Card Fees
- Keeping Your Health Insurance Affordable
- 7 Tips to Weather Challenging Periods in Your Life
- What is a Variable Annuity? 4 Key Details You Should Know
- 4 of the Best Ways to Stay Healthy this Summer
- How to Prevent Sun Damage to Your Eyes
- 3 Tips for Safer Grilling
- When the Sun is NOT Your Friend (What You Need to Know about Sun Exposure)
- Tips to Avoid Stress Eating
- Common Exercise Pains – How to Work Past Them and When to Call for Help
- Signs Your Identity Has Been Stolen (and what to do about it)
- How Does Inflation Affect Life Insurance?
- Know the Benefits of Walking
- Do Brain Food Supplements Really Work?
- Ways You Can Spend Less on Gas
- What Are Alternatives if LTC isn't Right for You?
- 4 Tips for a Less Stressful Summer
- Veteran and Medicare Benefits Work Together
- What are the Safest States From Natural Disasters?
- How to Choose an In-Home Care Provider for Your Loved One in 5 Steps
- 7 Myths About Your Back Pain
- 5 Foods that Will Help Keep Your Mind Healthy
- Don’t Throw Away Those Used Coffee Grounds
- I’m 50 Years Old. Should I Keep My Life Insurance?
- How to Spot Government Imposters
- 5 Mistakes to Avoid When Buying a Life Insurance Policy
- Happiness Through Healthy Food
- 5 Step Checklist to Choosing a Health Insurance Plan
- 5 Creative Spring Décor Ideas
- 10 Ways to Maintain Healthy Joints
- 3 Incredible Healthcare Smart Technologies Coming Your Way
- Do I Need a Long-Term Care Plan?
- Senior Diet: To Meat or Not to Meat
- How to Take Care of Your Personal Intangible Assets
- Dream All-Inclusive Trips to Escape the Cold
- How to Get Health Insurance if You’re a Freelancer
- Safety Tips for Driving in Winter
- Ways to Locate a Lost Life Insurance Policy
- Critical Times in Life that You Need Life Insurance
- Giving and Forgiving
- Why Buy Life Insurance on Children
- Things We Are Grateful for This Year
- What to Avoid When Switching to Medicare from the Public Health Exchange
- How to Host a Successful Virtual Holiday Party
- Is One of These Factors Keeping You from Seeking Life Insurance?
- Ben Franklin: Father of Modern Insurance
- Who Invented Insurance Anyway?
- Common Senior Micronutrient Deficiencies
- The Art of Aging Well
- Insure What? Celebrity Body Parts Insured
- Using HSAs In Your Retirement Planning
- 6 Strange Insurance Policies You Can Buy
- How Valuable Is Cash Value Life Insurance?
- Mistakes You can Make When Exercising at Home
- Why You Should Never Lie to the Underwriter
- Forget Salad Recipes, Try a Salad “Matrix”
- Will My Life Insurance Policy Cover Me If Something Happens While Traveling?
- I’ve Been Denied a Life Insurance Policy. Now What?
- Bucket List Ideas and Why It’s Important
- Getting Fit Before the Medical Exam
- The Basics of Insurance APIs
- 8 Gas Savings Tips During Summer
- How to Stay Hydrated During the Summer Season
- Safety Tips for Outdoor Barbecues
- What You Don’t Know About Senior Fitness
- The Last Guide to Chair Yoga You’ll Ever Need
- Sleep Care is the New Self-Care
- Adapt Your Home for Safe Mobility
- Best Nutrition Apps
- Reducing Stress Through Music
- How to Live Without Regrets
- Power Foods that Lift the Spirit
- Benefits of Grateful Living
- Remote Activities You Can Do with Your Grandkids
- Post Pandemic Travel Tips
- Exercises for a Sedentary Lifestyle
- Life Insurance for Your Newlywed Child
- Preventing Heart Health Issues