|Is It Time to Raise the Social Security Retirement Age?
|Year of Publication
|The Urban Institute
Social Security faces a long-term financing problem. The program now spends more than it collects each year, and Social Security’s trustees project that it will be unable to pay full benefits beginning in 2034. Reducing the payment period by raising the age at which beneficiaries can begin collecting benefits would improve Social Security’s finances. But some older people, especially those with limited education and incomes, could suffer financially if they had to wait longer to collect retirement benefits.
This report examines how raising Social Security’s early entitlement age (EEA), currently 62, might affect beneficiaries and discusses ways to protect adults who might not be able to work until qualifying for Social Security benefits.