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Who would the (projected) raised retirement age hurt?

WASHINGTON – Raising the retirement age for Social Security would disproportionately hurt low-income workers and minorities, and increase disability claims by older people unable to work, government auditors told Congress.

The projected spike in disability claims could harm Social Security's finances because disability benefits typically are higher than early retirement payments, the Government Accountability Office concluded.

The report, obtained by The Associated Press ahead of its scheduled release Friday, provides fodder for those opposed to raising the eligibility age for benefits, as proposed by the leaders of President Barack Obama's deficit commission.

 
sweet-a-kins

Asked by sweet-a-kins at 9:48 PM on Nov. 18, 2010 in Politics & Current Events

Level 34 (67,502 Credits)
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Answers (8)
  • Without additional job creation, it would hurt young adults looking for work and trying to establish careers. The biggest issue right now is lack of jobs-especially those with decent salaries (enough to support a worker) + benefits...people working until they're69 does not help job growth- If no jobs are created AND people work into their 70's, young adults are really going to be between a rock and hard place, financially speaking- Who does that impact?...the young adults' parents-unless their parents hang them out to dry!

    Sisteract

    Answer by Sisteract at 9:55 PM on Nov. 18, 2010

  • IT WOULD HURT NO ONE. An unsustainable system will help no one. It's not a matter of what is better- it's a matter of what needs to happen in order to keep the pension system.
    SamKJones

    Answer by SamKJones at 9:49 PM on Nov. 18, 2010

  • LOL Raising the SS age 1 year by 2050 will not hurt anyone. Not will it hurt them when they raise it another year 25 yrs later. There will be a whole new generation by then, They won't know the difference
    itsmesteph11

    Answer by itsmesteph11 at 10:02 AM on Nov. 19, 2010

  • There's more to consider than simply how much money the program would save by raising the retirement age," said Sen. Herb Kohl, D-Wis., chairman of the senate special committee on Aging. The report shows an unequal effect on certain groups of people, he said Thursday, and many of them "would have little choice but to turn to the broken disability program."


    Under current law, people can start drawing reduced, early retirement benefits from Social Security at age 62. Full benefits are available at 66, a threshold gradually increasing to 67 for people who were born in 1960 or later.

    sweet-a-kins

    Comment by sweet-a-kins (original poster) at 9:48 PM on Nov. 18, 2010

  • sweet-a-kins

    Comment by sweet-a-kins (original poster) at 9:49 PM on Nov. 18, 2010

  • LOL Raising the SS age 1 year by 2050 will not hurt anyone


    Not accoring to the Federal auditors

    sweet-a-kins

    Comment by sweet-a-kins (original poster) at 10:08 AM on Nov. 19, 2010

  • Other than borrowing from China or printing new money, how do you propose funding Social Security?
    SweetLuci

    Answer by SweetLuci at 10:24 AM on Nov. 19, 2010

  • Sure - who wouldn't want to slave away well into their 70s?
    tasches

    Answer by tasches at 1:06 AM on Nov. 19, 2010

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