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Is 70 the ‘right’ retirement age?

I keep thinking about this notion that 70 is the “real” Social Security retirement age.  It is the age at which people get maximum monthly benefits, and if they work beyond this age they see their lifetime benefits decline.  But is 70 the right age?  “Right” can mean a number of things.  One issue is how 70 in 2013 compares with 65 in 1940 in view of the increase in life expectancy.  Another is how to rationalize it given the large dispersion in life-expectancy gains between high- and low- income groups. Read more…

 

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