Question

**LOOKING FOR PRO'S AND CON'S**

Social Security: Raising Retirement Age

Please provide multiple Pro's and Con's to raising the retirement age for social security benefits.

Answer 1

Due to change in demographics, the U.S. entitlements like Social Security will face financial challenges in the near future. Although life spans have increased, however raising the Social Security retirement age has it's pros and cons discussed as below:

Pros:

-- There will be more time to bulk up the savings for the retirement savings

-- It can assist shoring up the program’s shaky solvency without saddling the younger generations with excessive taxes on their payroll.

With lower-income workers being more likely to retire at younger ages and less able to afford health insurance, this would represent a big practical problem

Cons:

-- Depending on the average life expectancy, such extra benefits of Social Security may not be worth the wait.

-- The workers are given two bad choices: living on reduced monthly benefits for the remaining lives or working longer.

-- Raising the retirement age means having less time to be free and fully independent

-- The expectancy of life is not rising for the poor; thus raising the retirement is unjust.