New CBO report – Lower (not increase) the early retirement age!

[Justina For Justice]

8. Increasing the Retirement Age Will Increase Unemployment for Younger Workers.

The Social Security funds are sufficient to cover anticipated retirees and current retires until 2036. The simpliest and most equitable way to increase the SS funds is to raise the income amount for those making over $106,000 a year, which is the current maximum of income subject to social security withholding. If the maximum income were raised to $200.000 or $300,000, not only would that cover the social security fund well beyond the year 2036, it could also be used to supplement the Medicare fund to keep that fund solvent for the foreseeable future.

Raising the retirement age is a terrible idea, as the fact that life expectancy has increased says nothing about the fact that the vast majority of those over 65 (even 60) do not have the physical health and strength to keep working. This is especially true for those doing physical labor.

Lowering the retirement age, with a possible increase in benefits, would allow older workers to retire, thus freeing up their jobs so younger workers could take them.

Supplemental benefits might be calculated based on need based on one's base social security check. This would make it possible for older, low paid workers, to retire but still survive economically.