%0 Journal Article
%T The Inequitable Effects of Raising the Retirement Age on Blacks and Low
%A Anthony Webb
%A Kyle Moore
%A Teresa Ghilarducci
%J The Review of Black Political Economy
%@ 1936-4814
%D 2019
%R 10.1177/0034644619843529
%X Increasing the Social Security Full Retirement Age (FRA) adversely affects all workers because an increase is equivalent to an across-the-board cut in benefits. Raising the FRA leaves workers with two bad choices: working longer or living on reduced monthly benefits for the rest of their lives. Working longer further penalizes Blacks and low-wage workers because they are unlikely to live long enough to recoup payments foregone as a result of delayed claiming. Instead of cutting Social Security benefits, retirement policy makers should update and modernize the 401(k) and IRA systems to provide workers with better options
%K racial disparities
%K retirement
%K longevity
%K Social Security
%U https://journals.sagepub.com/doi/full/10.1177/0034644619843529