How high should the retirement age be?
June 14th, 2012
03:55 PM ET

How high should the retirement age be?

By CNN's Jack Cafferty:

Get ready to work well into the golden years.

A new report suggests governments need to raise the retirement age as life expectancies soar.

The Organization for Economic Co-operation and Development says that by 2050 the average person will live at least 20 years beyond retirement.

Right now in the United States, the full retirement age is 66. A decade ago it was 65. And in 2022 it will go up again to 67. This is called a trend.

Problem is, governments pay a portion of people's retirement in the form of things like Social Security - and the longer we live, the more it costs to fund our retirement.

Social Security is already in deep trouble.

The trust fund pays out more in benefits than it takes in from workers' payroll taxes. It's estimated there will be a $165 billion shortfall this year and that the program will only be able to pay promised benefits in full through 2033.

Part of the problem is Social Security is an outdated system. Back in the 1930s when it was created, most people didn't live past 60. The point was never to pay Social Security to a retiree for decades.

Plus, experts say that working longer isn't only about paying more into Social Security.

They suggest people in their 60s today are healthier and can be a productive part of our society for longer.

Whether that's true or not, we better get ready to start working longer or move to France.

First thing their new socialist president did was LOWER the retirement age to 60, even though it will cost the government billions of euros a year. Another example of sound European fiscal policy.


Here’s my question to you: How high should the retirement age be?

Interested to know which ones made it on air?


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Filed under: Retirement