The author of the recently released report, Andrew Biggs, a scholar in residence at the American Enterprise Institute, a conservative think tank , outlines these advantages:
•Prolong the life of the Social Security trust fund by five years, a modest but significant increase.
•Raise median income of older Americans by $7,500 a year, including both increased Social Security benefits and savings and other pension income.
•Boost gross domestic product by about 5 percent through increased productivity, adding billions to the economy and tax revenues.
Biggs says keeping people working until 66 or 67 isn't a physical problem for most these days. Biggs would offer one big concession. He suggests reducing significantly or eliminating Social Security payroll taxes for people who work and contribute to Social Security longer than 35 years, Eliminating payroll taxes would "sweeten the pot" for those asked to work longer, he says.
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