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The Flip Side of Increasing the Full Retirement Age

If you’ve been tuned into the rapidly escalating debate on how to address Social Security’s solvency problem, you’ve likely seen many references to one of the suggested “fixes”–increasing the program’s full retirement age (FRA) from its current age 67 for those born in 1960 or later. And you probably know that this is a topic of discussion, debate, and even protests in many countries globally. While there are economic reasons for considering this option, worldwide reactions to it have not been particularly favorable. In fact, in a post yesterday on Havana Times, a former director of the United Nations Population Division, Joseph Chamie, offers an opinion that argues for the reverse of an FRA setback–an age 55 FRA that could lead to what he terms a “retirement renaissance,” a move that would result in “untold benefits to societies worldwide.” It’s an interesting perspective, and you can read his thoughts here

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