Would Raising the Social Security Retirement Age Harm Low-Income Groups?
” – Social Security’s projected financial shortfall has spurred discussions about increasing the age at which workers can first receive retirement benefits. This brief examines the future distributional impacts of raising the retirement age by about three years. Raising the retirement age hits lower-income workers less hard than other groups because the disability program provides some protection. However, it still increases poverty rates. Combining the retirement age change with an enhanced minimum benefit increases lifetime benefits for the lowest earners and substantially cuts the Social Security deficit without significantly increasing poverty rates. (2007) – [VIEW] Social Security and Older Workers – Fact Sheet (2007) – [VIEW] “Working for a Good Retirement” – The choice of retirement age is one of the most important decisions most workers will make. Drawing on the Urban Institute’s Dynamic Simulation of Income model (DYNASIM3), this report examines how delaying retirement for non
