The Problem With the Retirement Age: Too High – Duncan Financial Group
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The Problem With the Retirement Age: Too High

The Problem With the Retirement Age: Too High

It’s time for us (you) to rethink the retirement age and make adjustments

As the wealthiest society in human history, it is reasonable to expect that we should prioritize the well-being of our citizens, particularly as they age. Yet, the current retirement age is increasingly seen as problematic, with many arguing that it is too high.

Let’s explore the reasons behind this viewpoint and make a case for lowering the retirement age, thus allowing earlier eligibility for Social Security benefits.

An Increasingly Outdated Concept
The concept of a set retirement age dates back to the late 19th and early 20th centuries when average life expectancies were significantly lower than they are today. However, as medical advances and improved living conditions have led to increased life spans, the idea of retiring at a predetermined age has become increasingly outdated. The current retirement age of 65 or 67, depending on the year of birth, often does not reflect the diverse needs and circumstances of modern retirees.

Why the Retirement Age is Too High

  1. Physical and mental health concerns: Many jobs, particularly those involving physical labor, can take a significant toll on an individual’s physical and mental health. Forcing workers to remain in these roles until they reach the current retirement age can exacerbate health issues and contribute to a decline in overall well-being.
  2. Greater wealth disparity: Over the last few decades, wealth disparity has grown significantly, meaning that those who can afford to retire earlier often do so, leaving behind an increasingly vulnerable population of older workers who may be struggling to make ends meet.
  3. The desire for work-life balance: As society has evolved, the desire for a better work-life balance has grown. Many people now prioritize personal fulfillment, family time, and personal growth, which can be difficult to achieve while working full-time.
  4. Ageism in the workplace: Age discrimination remains a significant issue in the workplace, making it more challenging for older workers to find and maintain meaningful employment as they approach retirement age.

The Case for Lowering the Retirement Age
By lowering the retirement age and allowing earlier eligibility for Social Security benefits, we can address many of the concerns associated with the current retirement age. Some potential benefits include:

  1. Improved health and well-being: Allowing individuals to retire earlier may provide the opportunity to focus on their physical and mental health, potentially reducing healthcare costs and improving overall quality of life.
  2. Increased labor market flexibility: Lowering the retirement age could create more opportunities for younger workers, as older individuals would have the option to leave the workforce earlier.
  3. Reduced age discrimination: With a lower retirement age, older workers would be less likely to face age discrimination, as employers would have less incentive to prioritize younger employees.
  4. Enhanced work-life balance: By offering earlier retirement, individuals would have more time to devote to personal interests, family, and leisure activities, contributing to a better work-life balance.


Ensure Our Collective Well-Being

The current retirement age is increasingly out of step with the needs and desires of modern society. By lowering the retirement age and allowing for earlier Social Security eligibility, we can create a more equitable system that prioritizes the well-being of our citizens.
This change would not only improve individual quality of life but also potentially provide broader benefits, such as increased labor market flexibility and reduced age discrimination.
It’s time for our society to rethink the retirement age and make the necessary adjustments to ensure the well-being of our aging population.

For more information on retirement, schedule a meeting with your Duncan Financial Group advisor.

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