If the retirement age is increased, it won't help solve the retirement problem — in fact, what it will do is put low-wage earners who retire early at higher risk of poverty.
That's according to an opinion piece on Marketwatch by Alicia H. Munnell, director of the Center for Retirement Research at Boston College.
Although Munnell says that "[p]roposals to increase Social Security's retirement age are beginning to resurface" and being presented as a practical outcome of an increased life span—after all, if people are living longer, why shouldn't they work longer?—the plan is flawed in that "the retirement age has little to do with how long people work, and a lot to do with how much money they get. Increasing the retirement age is a benefit cut."
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
