As state and federal lawmakers search for ways to reduce government spending, some economists are urging them to raise the retirement age to ease budget pressures.
If Americans were to work longer, they would pay more in taxes, and at the same time reduce the cost of government pensions and Social Security benefits, according to these economists.
Older Workers
According to the Bureau of Labor Statistics, the unemployment rate for people over age 55 has been running at the highest levels in decades.
But others disagree. They say the fast-moving 21st century economy doesn't need older workers as much as it needs young workers with the latest job skills.
While the two sides disagree on the solutions, no one disputes the fundamental problem: demographics. The U.S. population is aging, and that means there will be fewer active workers paying taxes, and more retirees collecting benefits.
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