Most people know that Social Security is headed down a dark, unpleasant path. As Baby Boomers continue to retire, the fund will eventually run out of money, as tax receipts won't support the huge obligation the government has racked up. How do you "save" Social Security? Obviously, you could raise taxes or cut other spending to fund it. But another thing that could help is raising the retirement age. This might seem like a great idea, as we can point to executives and celebrities who manage to happily work well into their 70s or 80s, but Forbes tax columnist Janet Novack has her doubts:
Bottom line: Not everyone who retires before Betty White, or even well before 65, is financially well fixed or a slacker. Some can't work. Some can't get work. And many will be financially pressed in their "golden" years.
Read the full story at Forbes.
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