Deficit Cutters Propose Pushing Retirement Age to 68
All you might want for Christmas is a job. But then, if the Obama Deficit Reduction Proposal is approved, you might wind up working until you're 68 before you can collect Social Security. The deficit cutters want the age to receive full benefits to be changed from the current 66 to 68 by 2050.
Of course, any attempt to increase the retirement age is like playing around on the third rail. The French government sure found that out. There were massive protests and strikes throughout France. But pass it the French government did, making the new retirement age 62 instead of 60.It's interesting to note that when the uproar was happening in France, the main supporters of the aging worker was the young one. That's because youths realized that the good jobs they wanted were being held by older employees who would not be able to call it quits until 62.
A similar alliance could form in America. Right now, as Ted Fishman explains in his new book 'Shock of Gray,' Generations Y and X are pitted against the baby boomers. However, the issue of raising the retirement age could unite them.