PMID: 9170207Jan 1, 1996Paper

Research Grant Summary

Social Security Bulletin

Abstract

Several factors must be evaluated to determine the savings to the Social Security Trust Fund of increasing the normal retirement age above 65. What was examined was the cost savings that could be attributed to raising the normal retirement age from 6 to 120 months above age 65 after adjusting for possible increases in disability incidence with age and for the higher mortality of disabled persons between ages 65 and 75. Other sets of potentially significant factors, not explicitly examined above, are labor-market conditions (that is, how many and what types of jobs are available for older workers), and psychological factor (that is, the motivation to continue gainful employment). The calculations show that, other things being equal, increases in disability prevalence between ages 65 and 75 will not substantially reduce the cost savings attributable to increasing the normal retirement age up to age 75. Thus, assuming that the U.S. labor market can absorb large numbers of older workers, and that older workers will be motivated to continue working, the savings generated by increases in normal retirement ages could be quite large. Indeed, with an increase of the normal retirement age of 70 or 72, it might be possible to provide much...Continue Reading

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