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Raising Social Security’s full retirement age from 67 to 70 would be the wrong way to fix the program

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The American Academy of Actuaries — a group of usually sober and sensible people — recently issued a brief making the case for “Raising the Social Security Retirement Age.”

Their argument is straightforward. Social Security is running a 75-year deficit equal to 3.5% of taxable payrolls. The only way to fix the problem is to raise revenues or cut benefits. Life expectancy at 65 has increased, and is projected to continue to increase, which pushes up program costs. Therefore, Congress should make people work longer and postpone…

The New Tax Playbook for Draining Your 401(k) in Retirement

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