There has been a growing debate among experts regarding the full retirement age for Social Security and whether it should increase or stay the same. This article will explore both sides and present a comprehensive issue analysis.
What is the Full Retirement Age for Social Security?
The full retirement age for Social Security refers to the age at which a person can receive full benefits from the Social Security program. The current full retirement age is 66 for people born between 1943 and 1954, and it gradually increases for those born after 1954, reaching 67 for those born in 1960 or later.
The Argument for Increasing the Full Retirement Age
One argument for increasing the full retirement age for Social Security is that people live longer and healthier lives than in previous generations. With advances in medical technology and healthcare improvements, people can continue working and contributing to society for longer. As a result, some experts believe that the full retirement age should be increased to reflect these changes and ensure that the Social Security program remains sustainable for future generations.
The US full retirement age will soon be 67, making it the joint highest in the world.
The Argument for Keeping the Full Retirement Age the Same
On the other hand, some experts believe that the full retirement age should not be increased. They argue that many people who work in physically demanding jobs or have disabilities cannot work into their late 60s and need to retire earlier to care for their health. Additionally, they argue that increasing the full retirement age would disproportionately affect low-income workers and those who have had careers with less earning potential.
Both arguments for increasing and keeping the full retirement age the same have evidence to support them. On the one hand, studies have shown that people are indeed living longer and healthier lives and that the Social Security program will need to be adjusted to reflect this fact. On the other hand, there is evidence that increasing the full retirement age would harm low-income workers and those with physically demanding or disability-related limitations.
Ultimately, whether to increase or keep the full retirement age will depend on various factors, including the social security program's overall financial health, the workers' needs, and the impact on future generations.
