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

Teresa Ghilarducci, Kyle Moore and Anthony Webb ()

No 2018-04, SCEPA policy note series. from Schwartz Center for Economic Policy Analysis (SCEPA), The New School

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.

Keywords: Social Security; Retirement age; Working longer; Retirement; Race; Older workers (search for similar items in EconPapers)
JEL-codes: D63 E21 H55 J26 J32 (search for similar items in EconPapers)
Pages: 6 pages
Date: 2018-07
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