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Social Security: Will the U.S. Raise the Retirement Age to 70?

Most people plan to retire as early as they can while being financially secure. Yet in Australia, the government recently proposed raising the nation's retirement age from its current level of 65 all the way to age 70 within the next 20 years or so. Will the U.S. make the same move?

In the following video, Dan Caplinger, The Motley Fool's director of investment planning, looks at Australia's proposal. Dan notes that Australia currently has a retirement age of 65, and it's pegged to rise to 67 by 2023. But a further proposal would take the age all the way to 70 by 2035, with Australia's treasurer arguing that keeping the program solvent without boosting taxes on young workers is an essential benefit of the proposal. Yet opponents argue that keeping people working longer means fewer jobs for younger workers, making the move counterproductive. Dan notes that we've already seen some retirement-age moves in the U.S., with retirement ages set to rise from 66 to 67 over the next decade. Dan concludes that further increases are possible, although there are other measures that could help the Social Security system shore up its finances as well.

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Read/Post Comments (6) | Recommend This Article (24)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

  • Report this Comment On June 30, 2014, at 6:55 PM, Ikke wrote:

    In the netherlands, the retirement age in 2020 Will be 67.

    Grtz.

  • Report this Comment On July 01, 2014, at 2:53 AM, Foulbos wrote:

    In Denmark the retirement age is 67 in 2022.

  • Report this Comment On July 01, 2014, at 9:22 AM, birge1 wrote:

    count on it ! only way our criminal politicians can delay claims long enough to steal all the funds for pet, totally wasteful projects !!!!!!!!!!!!!!

  • Report this Comment On July 01, 2014, at 1:34 PM, ohiodale wrote:

    The retirement age for me is already 67 so this article is a little off saying in the next 10 years the retirement age in the US will raise to 67. 70 in my opinion is extreme and I bet most workers would be willing to pay an extra 1% to save 3 years of working.

  • Report this Comment On July 01, 2014, at 2:41 PM, 110intheshade wrote:

    Just what 40 something CEOs and mangers want - a bunch of 70 year olds still working! Not to mention the public interacting with a bunch of 70 year olds...PAHLEEEZE let us retiire!!!

  • Report this Comment On July 03, 2014, at 4:24 PM, Zinj wrote:

    I've heard just about all I care to hear from the "me" generation.

    Let me get this straight...Boomers expect to live longer than their parents did, but they also raised fewer children to support their own generation...meanwhile they've spent the country into massive debt BEFORE they even begin to retire?

    So called "Generation X" has always been too small (politically) to thwart the Boomers. The Millennial generation is not. See how sympathetic they are when you explain to them in return for the crumbling infrastructure, bankrupt finances and sclerotic government you leave them, they get to pay much higher taxes to support you as you convalesce. If the WWII generation were still around (in numbers) they'd send the Boomers to their rooms without supper. ;-)

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Dan Caplinger
TMFGalagan

Dan Caplinger has been a contract writer for the Motley Fool since 2006. As the Fool's Director of Investment Planning, Dan oversees much of the personal-finance and investment-planning content published daily on Fool.com. With a background as an estate-planning attorney and independent financial consultant, Dan's articles are based on more than 20 years of experience from all angles of the financial world.

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