Economic Effects of Raising the Eligibility Age for Social Security: Why We Shouldn't Make it Harder to Retire (Part 1)

Last week the Business Roundtable came out with a position paper entitled “Social Security Reform and Medicare Modernization Proposals.” Its centerpiece is an increase to 70 in the eligibility for Social Security and Medicare. According to Gary W. Loveman, Ph.D., Chairman, CEO & President, Caesars Entertainment Corporation, and Chair of the Roundtable’s Health and Retirement Committee, the purpose is to modernize the programs in view of “new demographic realities.”

Raising the eligibility age is a bad idea. It is based on the false premise that, since Americans are healthier and living longer, they can and should assume greater individual responsibility for their retirement. Unfortunately, the reality is that for all but the wealthiest Americans, self-financed retirement is becoming harder, not easier. A higher eligibility age would only make it still more difficult.  >>>Read more of Part 1. Then read Part 2 here