Social Security Reform: Implications of Raising the Retirement Age

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Report Type	Reports and Testimonies
Report Date	Aug. 27, 1999
Report No.	HEHS-99-112
Subject	Eligibility criteria Health statistics Income maintenance programs Labor force Labor statistics Medicaid Older workers Retirement age Retirement benefits Social security benefits Supplemental security income Old Age and Survivors Insurance Trust Fund Old Age Survivors and Disability Insurance Program Social Security Program Social Security Trust Fund Disability benefits

Summary:

Raising the normal or earliest eligibility age or both could have substantial net positive effects on the financial integrity of the Old-Age and Survivors Insurance Trust Fund and the Disability Insurance Trust Fund. These measures would reduce the retirement benefits paid out and increase the payroll taxes collected. Raising the retirement age would boost the number of older workers in the labor force, as more workers would be employed for longer periods of time. Increasing the number of older workers in the labor force, however, could also create the potential for additional unemployment. An understanding of the cumulative effects of any reform proposal is essential to preventing a disproportionate burden from falling on vulnerable groups, such as minorities, who are most likely to be in blue-collar jobs and to experience unemployment.

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Social Security Reform: Implications of Raising the Retirement Age