With the newest generation of Americans predicted to live into their late 80s, fears for the future of social security continue to worsen, according to New York Times' Josh Barro
In order to fix social security either the system must take in more money or give out less. One way to cut expenditures is through increasing the retirement age:
That is, forcing people to wait until 67 to collect wouldn’t save taxpayers any more money than the 30 percent cut to the benefit at age 62 does. The real savings come from the benefit cuts, not from the number of years spent in retirement.
For more information on the future of social security, click over to the The New York Times.