9.4: Retirement Age
Adjust the retirement age to reflect increases in life expectancy. Other Information:
A More Reasonable Retirement Age. The plan adjusts the retirement age to reflect increases in life expectancy and those anticipated
in the future. Under the plan, these changes are phased in gradually. Those nearing retirement are affected only slightly.
Over the next 10 years, the age for full benefits rises to 68 for workers born in or after 1959. Over the next 18 years, the
early retirement age rises to 65 for workers born in or after 1964. After that, both early and normal retirement ages will
be indexed to longevity, which will add about one month every two years according to current projections. The plan recognizes
that a small proportion of workers will be physically unable to work until these ages. It therefore includes an improved disability
system to protect them. The reformed disability system ensures that those who are unable to work longer receive a quick and
accurate decision on their benefit application rather than facing today's long delays, and improves today's often arbitrary
decision-making process.
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