Raising the Retirement Age for Social Security Would Trim the Deficit
In July 2010, House Majority leader Steny Hoyer (D.-Md.) made a speech in which he suggested Congress should consider upping the retirement age for Social Security as part of the effort to reduce federal budget deficits.
Raising the Qualification for Early Social Security Retirement Would Help the Economy
About four months later, Andrew Biggs, writing in the Los Angeles Times, opined that the age for early Social Security retirement should be upped from 62 to 65. Not only would that measure help the economy overall, but after analyzing all the variables and numbers, Biggs concluded that average annual incomes for future retirees would rise by about $7,500 if the age for early Social Security retirement were set at 65.
Some Find That Nonsense
Not everyone, though, agrees though. In June 2010, a month before Steny Hoyer made his speech, Buck Consultants released a study in which they concluded that longer life-spans add only about 0.2 percent to 0.3 percent to the cost of a typical pension plan each year.
Buck was thus implying that a higher retirement age for Social Security would contribute little to the health or solvency of that or other retirement systems.
Topic: What Is Retirement Age?
Subtopics: What Is Retirement Age? • Retirement Age: A Personal Choice • History of Retirement Age • Why Raise the USA Retirement Age? • Life Expectancy • Retirement Age & Health • Demographics • What Is the Retirement Age in Other Countries? • Retirement Age Increasing • Your Decision
Browse Retire2Enjoy for More HOT Retirement Topics