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The US Retirement Safety Net

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  • Zulauf, Carl

Abstract

Fiscal integrity of Social Security and Medicare, cornerstones of the US Retirement Safety Net, is a current policy concern. Since they account for 34% of Federal spending, it also seems likely that the Federal debt issue cannot be resolved without addressing their fiscal integrity. This article focuses on the interface between the US Retirement Safety Net and life expectancy. Continuing increases in life expectancy makes it likely that both programs’ eligibility age will have to be raised. Applying the relationship imbedded in the 1983 law that gradually increased Social Security’s full benefit retirement age from 65 to 67 implies a further increase in Social Security’s full benefit retirement age to 68.4 and an increase in Medicare’s eligibility age from 65 to 67. The resolution of the fiscal integrity issue for the US Retirement Safety Net will impact the Federal budget and thus potentially future farm bills and is of importance to many farm households (see Data Note).

Suggested Citation

  • Zulauf, Carl, 2024. "The US Retirement Safety Net," farmdoc daily, University of Illinois at Urbana-Champaign, Department of Agricultural and Consumer Economics, vol. 14(7), January.
    • Handle: RePEc:ags:illufd:356899
    DOI: 10.22004/ag.econ.356899
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    Political Economy;

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