Amidst the rising concerns over the national debt and the financial stability of Social Security, the retirement age rise has gained attention.
Retirement Age Rise Gains Attention
According to Conservative News Daily, the retirement age rise has been gaining attention amidst the rising national debt and concerns about the financial stability of Social Security.
The attention that the retirement age rise has been gaining has also shed light on the political standpoint and that it might be a challenging task.
The retirement age rise was proposed due to the depletion of the reserves of the Social Security Trust Fund and the Disability Insurance Trust Fund in 2034.
Retirement Age Rise May Improve Fiscal Stability and Retirement Security
According to the Washington Examiner, the proposed retirement age rise may be able to improve the financial stability of the combined trust funds.
Charles Blahous, a senior economic adviser and public trustee of Social Security and Medicare, stated that the retirement age rise would improve the long-term financial health of Social Security and lower the budget deficit and national debt.
Although the retirement age rise would be a great help, Andrew G. Biggs, a senior at the American Enterprise Institute, begs to disagree as he states that it would not fully address Social Security’s finding issues.