Social Security Eligibility - Should they take away the Option

Social Security Eligibility - Should they take away the Option to Retire at 62?

The full Social Security eligibility age, if you are interested in claiming full benefits, is 66 years; why exactly should it be that though? Senior citizens who continue to work well past 66 these days are surprised at how capable they still are. Studies by Harvard researchers actually show that there is nothing about that age that somehow suddenly makes you incompetent or physically unable to continue. At 66, you can still put in 90% of the kind of productivity that someone 10 years younger could. And 10 years later, they can still put in 75% of what a normal middle-aged worker could. A conservative think tank called the American Enterprise Institute wants to reform Social Security. They want to take away the very option that you can retire at 62 for partial benefits and they wish to raise the full benefits age by one year to 67.

While to some, any talk of raising the Social Security eligibility age might feel threatening and scary, a look at all that a move like this could achieve for the country and for individual senior citizens tends to look pretty encouraging. To begin with, the Social Security trust fund that has been looking pretty strained in recent years, could have its of life prolonged by about five years. It might not be much; but it's a start. Senior citizens could have an extra $10,000 coming in every year on average - from extra savings, from better Social Security benefits and from their pensions. And of course, to have experienced workers working for longer would add billions of dollars to the economy and help the country with tax revenues. The new plan makes a great concession for senior citizens to continue to work long past the traditionally accepted retirement age. Those who continue to work this way will be asked to pay almost no Social Security payroll taxes.

But these ideas for raising the Social Security eligibility age to 67 and taking away the option to retire at 62 completely leave many people alarmed. For instance, there are many people who by the time they are 60, are not all that well, that they could continue to work for years. And they aren't sick enough to be able to claim disability either. Their jobs are stressful and continuing in those jobs for years when they're not well can seem like a terrible burden. Many of these people have worked hard ever since they were 18. Would it really be fair to ask them to continue to work for another seven or eight years? These are people who often just don't have the kind of savings they would need to retire on their own. There are just too many people who live difficult lives like this to whom early Social Security eligibility would be a lifesaver. Perhaps think tanks really do not have any concept of a lifestyle of this kind.

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