The future of the Social Security system is an ongoing debate in the U.S. With the viability of key elements like the Old Age and Survivors Insurance (OASI) program at risk, many believe it is time to make decisions on the best line of action moving forward.

The argument for raising the Social Security requirement age explains that the current age does very little to accurately capture the realities of today’s world. The average retiree in 2023 lives longer than retirees did in 1940. The implication of which is that the average American has a longer lifespan now. Supporters of raising the Social Security age also note that the vast majority of jobs available in the modern age are considerably less physically demanding, meaning that Americans can work longer than they previously could. Also, because there seems to be a demand for experienced labor, it stands to reason that it might be more rewarding on the whole to raise the Social Security requirement age.

Opponents believe that increasing this age requirement can do more harm than good. They believe, in most cases, an increase in the Social Security requirement age results in a reduction in the benefits enjoyed by retirees. Pointing to the last increase that moved the threshold to 67 from 65, there was as much as a 13 percent drop in the value of benefits enjoyed by a retiree. It’s estimated that this loss amounts to as much as $28,000 or more. Also, opponents note that the average American works more today than they did in the past. Why should the Government force them to work even longer for less dividends?

So, the question remains, should the Social Security requirement age be raised?