The good news? People are living longer, healthier lives. The bad news? They may be spending less of that time relaxing and more of it slaving away at their jobs, as many states recognizing the improved state of health in this country are increasing the age at which public employees are eligible to retire while receiving a full pension. The new changes come amid increasing state budget deficits, and lawmakers hope this initiative will provide some fiscal relief by minimizing pension costs.
“Can you believe that many states are increasing retirement ages by five to seven years? And some Congressional members are already suggesting that the retirement age for Social Security be increased to 70 for younger workers. I guess there are downsides to living longer, healthier lives,” laughs ACSH’s Cheryl Martin.
