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
- Autonomous Vehicles and Insurance: Adapting Policies for the Future of Driving
- Exploring the Benefits of Whole Life Insurance Beyond Basic Coverage
- The Critical Role of Life Insurance in a Comprehensive Personal Finance Strategy
- A Layman's Guide to Choosing the Right Health Insurance Plan
- Protect Your Castle: Essential Tips for First-Time Homebuyers on Choosing Home Insurance
- Flu Season Survival Guide
- How to Create a Home Inventory for Insurance Claims
- Prioritizing Preventive Care in Your Wellness Journey
- Brown and White Eggs: What’s the Difference?
- DIY Disaster Preparedness Kit: Make your own disaster preparedness kit with these essentials to keep your property and family safe
- Understanding the Different Types of Property Insurance Coverage: Are You Fully Protected?
- Why Supplemental Health Insurance Might Be Worth Considering
- The Benefits of Bundling: How Combining Policies Can Save You Money
- Is there such thing as Hurricane Insurance?
- Health Savings Account: Is It Worth It Having it?
- The Impact of New Technology on Insurance
- Why Property Insurance Isn't Enough: Essential Property Preparedness Tips Every Homeowner Should Know
- Healthy Living on a Budget: How Insurance Can Help You Save on Wellness Expenses
- Protecting Your Investments: The Role of Insurance in Wealth Management
- Understanding Co-Pays vs. Coinsurance: Making Sense of Your Health Insurance Costs
- Rising Temperatures, Rising Risks: How Climate Change Affects Property Insurance
- Insurance Myth Busters: Debunking Common Misconceptions about Coverage
- Pool and Liability Insurance: Staying Safe and Protected around the Water
- Understanding Your Health Insurance Deductible: Tips for Making the Most of Your Coverage
- The Evolution of Insurance: Trends and Innovations Shaping the Industry
- Fire Safety Awareness: Mitigating Risks and Ensuring Adequate Coverage
- Healthy Habits for the Summer: Tips for Utilizing Your Health Insurance Benefits
- The Future of Work
- Emergency Preparedness: How Insurance Can Provide Peace of Mind During Crises
- Scenarios that can lead to a voided Property Insurance policy
- Managing Chronic Conditions: How Health Insurance Can Help You Stay Healthy All Year Round
- Navigating Insurance Renewals: Tips for Reviewing Your Policies
- Summer Safety Tips: Protecting Your Property and Liability Risks
- The Importance of Preventive Care Coverage: How Your Health Insurance can Save You Money in the Long Run
- Easy & Creative Ideas to Refresh Your Home for Summer
- Revamping Your Home? You May Need to Revamp Your Coverage
- Health Insurance 101: A Guide for Recent Graduates
- How Milestones Can Affect Your Coverage Needs
- Safeguard Your Medicare Number: A Guide to Avoiding Fraud and Protecting Your Benefits
- Thinking of Renting Out Your Property? Consider These Liability Risks First
- How to Fall Back Asleep After Waking in the Middle of the Night
- Demystifying Mortgage Rates
- Embrace Strong Bones: Tips for Lifelong Health
- How to Improve the Air Quality in Your Home
- Should I Buy a Second Home?
- How to Avoid Muscle Loss as You Age
- The Rise of Urban Gardening
- Tech-Enhanced Property Preparedness
- Art of Mindful Eating: Transform Your Meals, Transform Your Life
- Fueling Your Mind with Brain-Boosting Foods
- Protecting Your Family's Financial Future
- 5 Simple Ways to Boost Your Immune System (and 1 unusual way)
- Embracing Our Roles: Renewing Our Commitment to Sustainable Living
- Tips for a Stress-Free Tax Season Experience
- Spring fitness ideas
- Inspirational women who make the world a better place
- Creating a Positive Start to Your Day
- Spring Forward: Adjusting Your Routine for Daylight Saving Time
- Gratitude - Key to a Positive Mindset
- Adopting a Holistic Wellness Approach to a Healthier You
- 3 Common Sense Things People Should Know
- Exploring Superfoods: Nutrient-Packed Ingredients for a Healthy Diet
- Unraveling the Mystery of the Extra Day
- Digital Detox: A Healthy You in a Hyperconnected World
- Financial Fitness in 2024: Budgeting and Saving Tips
- Three Joyful Habits for a Healthier You in 2024
- New Year's Resolutions: Staying Committed Year Round
- The Magic of Christmas Traditions
- Staying Healthy During the Winter Months!
- How to be a Time Management Whiz During this Busy Season
- Self-care tips for December
- Mastering the Mind: Techniques for Better Memory and Cognitive Function
- The Art of Productive Procrastination: How to Make the Most of Downtime
- Eating for Energy: Foods that Boost Your Stamina and Productivity
- How to enjoy and celebrate chilly, gloomy days
- Thriving in Your Golden Years: Strategies for Aging Gracefully and Vibrantly
- Best Dog Breeds that Suit Your Needs
- Reduce Stress: Develop Patience
- DIY Delights: Creative Projects for Seniors
- Coping with Seasonal Affective Disorder (SAD)
- Long-term Health Benefits of Physical Activity
- How to Trim Down Hidden Costs of Flying
- Best foods for hydration
- How to Experience Positive Aging (8 Tips)
- How to Improve Your Health: The 5 Main Aspects of Wellness
- How much should you actually have in savings?
- Are you underinsured for your circumstances?
- How to Maintain Our Body
- Enhancing Resilience as We Age
- The Body After 60: Overcoming Barriers to Exercise
- Tips to Consider when Selecting a Contractor
- The best herbs to grow for beginners
- Foods you had no idea you could freeze
- Is celebrating your 100th birthday no longer a dream?
- Medicare and Medicaid: Dual eligibility
- Summer Workouts for Your Dose of Vitamin D
- What’s Keeping You from Losing Weight?
- Music and Your Wellbeing
- Your NEW Social Security Statement
- How to Dispose of Unused Medications
- Smart Home Systems: Promoting a Comfortable Environment for Seniors
- Guide to Getting a Mortgage
- Aging and Our Body’s Ability to Heal Itself
- Keeping Health Insurance After a Layoff
- What is Credit Health Insurance? (Copy)
- 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?
- Does Uber Insurance Cover Passengers?
- 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
- How Social Security Cost-of-Living Adjustments Affect Your Taxes
- 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
- 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
- TIG Announcement
- 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”
- Mortgages Dissected: Details to Know
- Will My Life Insurance Policy Cover Me If Something Happens While Traveling?
- 5 Most Common Estate Planning Mistakes
- I’ve Been Denied a Life Insurance Policy. Now What?
- Bucket List Ideas and Why It’s Important
- Insurance Coverage All Small Business Owners Must Consider
- Getting Fit Before the Medical Exam
- The Basics of Insurance APIs
- Don’t Lose Non-Refundable Down Payments with Travel Insurance
- 8 Gas Savings Tips During Summer
- Keeping Your Landscaping Lush Under the Hot Summer Sun
- How to Stay Hydrated During the Summer Season
- Safety Tips for Outdoor Barbecues
- What You Don’t Know About Senior Fitness
- Should You Pay Off Debt or Save For Retirement?
- The Last Guide to Chair Yoga You’ll Ever Need
- Smart Things to Consider When Buying a House
- Sleep Care is the New Self-Care
- Tips for Making Dinnertime Special
- 7 Ways to Improve the Quality of Life of Seniors You Care About
- Pool Safety Tips
- Ways to Get the Best Health Care
- Flood Insurance 101
- Adapt Your Home for Safe Mobility
- Understanding Hurricane Deductibles
- Why Gardening is Good for Your Health
- Best Nutrition Apps
- Back to Work: How Businesses Are Trying to Make Workers Feel Safe
- Reducing Stress Through Music
- How to Live Without Regrets
- Power Foods that Lift the Spirit
- Company Health Insurance vs Individual Insurance
- Benefits of Grateful Living
- Remote Activities You Can Do with Your Grandkids
- Post Pandemic Travel Tips
- What are Intangible Assets and What to Do with Them