Impact of increasing retirement age on the size of the economy « Retirement « Back to Basics

Impact of increasing retirement age on the size of the economy

by John Lott on January 15th, 2012

This is article 16 of 18 in the topic Retirement/Social Security

From the CBO blog:

Raising any of the ages of eligibility would cause some people to work longer, thereby increasing the size of the workforce and the economy. Although the magnitude of those effects is difficult to predict, CBO estimates that:

Raising Social Security’s early eligibility age to 64 or the full retirement age to 70 would, in the long term, boost the size of the workforce and the economy by slightly more than 1 percent.
Raising Medicare’s eligibility age to 67 would also boost the size of the workforce and the economy, but by a much smaller amount.

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Posted in Retirement, Social Security | 1 Comment »

One Response to “Impact of increasing retirement age on the size of the economy”

Shelley Hoelz Says:
January 15th, 2012 at 5:19 pm
This might sound good on paper but they probably have not consider the real world effects. Have you tried getting a job after 55, or even 50? The older you get the more difficult it becomes to get a job. You might be willing to take less pay or a lower position but businesses don’t hire you – you are over qualified and they think you will want more money than they are willing to offer.

So if you raise the retirement age how many seniors will be unemployed living off welfare payments, housing assistance, and food stamps? Will we end up trading one government program that people actually contributed to, for another government welfare program?

If the economy isn’t growing you are only adding to the unemployment numbers as the jobs aren’t available for the seniors, much less those graduating from school. Someone needs to look at the real life implications. Of course with Obamacare they won’t expect us to live past 70!

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