Wednesday, December 23, 2015

Poor and manual labor workers hurt by increasing Social Security retirement age


Eduardo Porter, in his “Economic Scene” in the New York Times Business Day today, writes “Aging society changes story on poverty in old age” .  A subtext is “As things stand, Social Security will replace less of a retiree’s career wage”.

Porter makes the important point that the easiest solution, of gradually increasing retirement ages (which we have been doing) penalizes poorer workers in more dangerous occupations, people less likely to benefit from longevity.

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