Encouraging older Americans to delay retirement would ease the economic pressures created by an aging population. Retirees now collect Social Security benefits longer than ever before, as typical retirement ages have fallen and life spans have grown.
If left unchanged, Social Security will soon pay out more than it collects, forcing policymakers to raise taxes on workers or cut benefits to retirees. As this brief shows, increasing the average retirement age would expand the pool of productive workers, promote economic growth, and increase lifetime earnings and retirement savings for workers.
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