Wednesday, February 23, 2005

The New 65 - Biology can solve the Social Security debate


I am agreeing with Saletan here in that gradually raising the retirement age should be on the table.

How much money would a higher retirement age save? According to the Congressional Budget Office, if the ascent to age 67 were accelerated and completed by 2016, and if the retirement age kept rising two months a year until it hit age 70 in 2037, and if the rate of increase then slowed to one month every two years, Social Security outlays in 2050 would decline by 12 percent.

Several solutions including raising the retirement age are covered here by the CBO.

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