Social Policy

Retirement, Saving and Pensions

Reuters/Lucy Nicholson - Retired couple lawn bowling in Sun City, Arizona

Article

Should Congress raise the full retirement age to 70?

June 2, 2016, Gary Burtless

Social Security faces a serious funding problem. The program takes in too little money to pay all that has been promised to future beneficiaries. Government forecasters predict Social Security’s reserve fund will be depleted between 2030 and 2034. There are two basic ways we can eliminate the funding gap: cut benefits or increase contributions. A common proposal is to increase the age at which workers can claim full retirement benefits. For people nearing retirement today, the full retirement age is 66. As a result of a 1983 law, that age will rise to 67 for workers born after 1959. 

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