This week there is a new debate over raising the social security retirement age. Americans life expectancies are growing longer, which means that they are spending more time in retirement than they were in the 1940’s. Senior research associate Melissa Favreault and senior fellow Richard Johnson’s from Urban Institute found that for seniors to spend the same amount of time in retirement as they did in the 1940’s, the retirement age would have to be around 73. Currently, the retirement age is 66, but it is planned to increase the age to 67 by 2022. This means the current generation of kids will have another year to wait until they could retire with social security payment.
But, raising the retirement age would save money, money that this country needs. If the retirement age rises to 67, social security would save almost 30% of funds. But even so, some still disagree with the idea. Some argue that if we raise the retirement age, then some seniors will get hurt. Others say that the seniors can work office jobs, or other jobs that don’t require physical labor.
-Gabby
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