In discussions about what’s needed to save Social Security, one commonly proposed solution is to raise the retirement age. If people are living longer and healthier lives, some argue, they should work longer too. While raising the retirement age to 70 could help shore up Social Security, it may also have unintended consequences.
Yahoo! News has put together a guide to different perspectives on the issue. Here, we’ll cover some of the potential advantages and disadvantages of raising the retirement age to 70.
Benefits of Raising the Retirement Age
Supports say that raising the retirement age to 70 could protect older Americans who need more support, could help prevent cuts to the program, and prevents tax raises from being the only solution to Social Security’s future.
Drawbacks of Raising the Retirement Age
Critics of raising the retirement age argue that it would disproportionately hurt lower-income workers, who are more likely to work in physically demanding jobs and are more likely to need Social Security income earlier. This would also punish people who cannot continue to work past 65 due to health issues or financial insecurity.
The Seniors Center’s plan to fix Social Security solvency does not include raising the retirement age to 70. Instead, we believe that a combination of removing the taxable wage cap and paying back the Social Security Trust Fund will be the most effective solution to ensure the long-term solvency of Social Security. Seniors deserve all they’ve earned, without having to pay the price of a higher retirement age!