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May 14, 2009 at 08:00 PM
Bruce Schobel, president-elect of the American Academy of Actuaries, is calling for immediate efforts to increase the normal Social Security retirement age.
The sooner policymakers act to reform Social Security, the more options they will have, and the more moderate solutions can be, Schobel says.
“Demographic problems require demographic solutions,” Schobel says in a statement distributed by the AAA, Washington. “You just cannot have people living longer and longer with a frozen retirement age. At some point, the system cannot afford it.”
The AAA released the statement in response to the release earlier this week of the 2009 Social Security trustees’ report.
The trustees now project that, because of the effects of the recession on payroll taxes, the trust fund will run dry in 2037. In 2008, the trustees were projecting the trust fund would be depleted in 2041.
