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The Inequitable Effects of Raising the Retirement Age on Blacks and Low-Wage Workers

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Abstract

Raising Social Security's Full Retirement Age leaves all workers with two bad choices: working longer or living on reduced monthly benefits. Telling workers to work longer further penalizes Blacks and low- wage workers because they are unlikely to live long enough to recoup payments foregone as a result of delayed claiming. Instead of cutting Social Security benefits, we need to give all workers a real choice of when to retire by strengthening Social Security and creating Guaranteed Retirement Accounts.

Suggested Citation

  • Teresa Ghilarducci & Kyle Moore & Anthony Webb, 2018. "The Inequitable Effects of Raising the Retirement Age on Blacks and Low-Wage Workers," SCEPA policy note series. 2018-04, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    • Handle: RePEc:epa:cepapn:2018-04
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    More about this item

    Keywords

    Social Security; Retirement age; Working longer; Retirement; Race; Older workers;
    All these keywords.

    JEL classification:

    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement

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