Should we raise the retirement age in the U.S. or just modify how we tax the rich so that we can help extend Social Security benefits past 2037? In 2037 it is expected that the fund will deplete, so politicians are currently debating solutions to solve this dilemma. It is also the hot topic of two opinion pieces on usnews.com, where one article argues to raise the retirement age, and another article argues against it. In the first article “Raising the Retirement Age Will Help Save Social Security,” the author Tom Terry cites changes in demographics, where people are living longer, so therefore can work longer until they retire and collect Social Security. The current Social Security retirement age is 67 for those born after 1960, and Terry argues that a highly qualified older workforce is set to retire soon, and there are not enough younger workers to replace them. At the end of the post, Terry notes that “If it’s true that many Americans view work as a drudgery from which the only relief is retirement, then let’s encourage labor, and an attitude toward it, that is more fulfilling”. However he does not truly provide a solution as to how we can encourage people to get excited about working past the age of 67, especially when they have already been working for over 40 years.
The other opinion article posted on usnews.com today is “Cutting Benefits Isn’t the Way to Save Social Security,” by author Ross Eisenbrey. In this post, Eisenbrey argues that raising the retirement age is not the way, and that existing benefits for seniors receiving Social Security are not that great. He says that “the average retiree’s benefit is only $14,000—less than the minimum wage,” and that any increase in the retirement age will only further hurt benefits for seniors. At the heart of his argument is the fact that few are discussing benefit improvements, and Eisenbrey goes on to elaborate how adjustments to taxation of the rich will allow the U.S. to solve the Social Security funding issue. One of the most compelling facts he states is that “Most people don’t know that someone making $300,000 or even $30 million a year pays no more in Social Security taxes than someone earning roughly $107,000.”
Over the next few years the future of Social Security will continue to be a hot topic, and we will need to soon figure out how to address the needs for our growing elderly population. The authors referenced above offer two good arguments for fixing Social Security, but what I want to know is which one do you side with?
Ellen grew up on the east coast and spent 10 years working in senior homes during her 20's and 30's before taking a break to raise her 3 children. Now that her children are in college, Ellen uses her knowledge of senior care to help her write about all of the latest industry news. Ellen is a fabulous seamstress, and when not writing about the senior care industry, you can find her sewing away on her latest fashion creation.
