What Should The Retirement Age Be Raised To In US?

Sixtieth birthday or anniversary Everyone else is raising the retirement age, why isn’t America doing it yet?  Greece is raising its retirement age as it copes with its financial mess, Germany and Denmark are at 67, the U.K. is raising theirs to 68 and now it seems France is going to be raising theirs as well based upon pension reform slated for discussions in June to a whopping 62 (poor frogs).  European governments face the same challenges as the US in simplistic terms:  reduce entitlements, raise taxes or raise the retirement age ?  As election season begins later this fall for the 2010 elections, there will be rising rhetoric over raising the retirement age in the US.   Both parties will push for reform but what will those reforms look like?  Democrats will trumpet new taxes where the Republicans (and those tea partiers) will talk about reducing spending and re-allocating funds for social security reform. Will Americans protest in the streets like Greece and France?  There will certainly be rallies in the nation’s capital but mass protests around the country are not likely.  If the healthcare debate was messy, social security reform may be the most polarizing debate in the country since slavery and the civil war.  Changes to social security retirement benefits by age as we know it are as certain as death and (higher) taxes.

 

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