With public concern growing about the prospects for the long-term solvency of Social Security, some experts argue that raising the retirement age is a necessary step to keep the program working. Others argue that there are easier ways to fix Social Security without punishing retirees. Should the retirement age be raised?
Edited by Robert Schlesinger
Consulting actuary and the chair of the American Academy of Actuaries Public Interest Committee
Many of us in the actuarial community have advocated increasing the retirement age as a way to help address the program's financial challenges, and there are three compelling demographic reasons for such a change. First, Americans are living longer—a lot longer. Today, the average retiree lives about 45 percent...
Vice president of the Economic Policy Institute, a think tank focusing on low- and middle-income Americans
Raising the retirement age as a way of "saving Social Security" is like the general's line in the Vietnam War: "We have to bomb the village to save it." No, we don’t have to cut benefits as a way to save them. And that's all that raising the retirement age does: It cuts benefits for all retirees, no matter the age they choose to retire.
What do you think?