To raise or not to raise the retirement age for Social Security, that is the question one study examined. (Photo: Shutterstock)
With longer retirements, thanks to longer lifespans, and the financial challenges faced by Social Security, discussion periodically resumes about whether to raise the retirement age.
Making people wait till they're older to claim benefits would certainly cut down on the number of years, on average, that people collect benefits.
But it would also put a lot of people at risk. Richard W. Johnson, an economist at the Urban Institute who specializes in employment and retirement decisions made by older Americans, said in a report issued by the Urban Institute that raising the retirement age could cut approximately 27 percent of the long-term shortfall faced by Social Security.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
