Social Security and the Age of Retirement
For Immediate Release:June 7, 2010
Contact: Alan Barber, (202) 293-5380 x115
Washington, D.C. - A new report released by the Center for Economic and Policy Research (CEPR) shows that the increase in life expectancy in the U.S. over time has had a two-fold effect. For younger workers, increased longevity and higher productivity will permit longer retirements. But the decision to raise the retirement age from 65 to 67 took back much of these gains for a generation of workers.
"For women in particular, the increase in working years means that they will see a length of retirement virtually the same as their parents." said David Rosnick, an economist at CEPR and author of the report.
The study, "Social Security and the Age of Retirement," demonstrates that, historically, life expectancy at birth is not an accurate indicator of how working lives and retirements both have grown over time.
The analysis suggests that a lengthier retirement does not necessitate raising the retirement age or direct cuts in Social Security.