Raising the full retirement age may be one option on the table to shore up Social Security. Why experts say the idea 'doesn't work for this economy.'
But raising the retirement age the first time was a "big failure," according to Teresa Ghilarducci, a labor economist and professor at The New School.
The expectation 40 years ago was that people would live longer and be healthier, giving them the ability to choose to work longer. "Lower-education groups and racial minorities just do not have that many healthy years of life expectancy that they could do it," Munnell said. "So it's really discriminatory."
Evidence shows an increasing retirement age hasn't necessarily changed when people claim Social Security benefits.
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