A new report suggests that raising the retirement age to keep the Social Security system from exhausting its funds by 2033 would disproportionately hurt blue collar workers. The report from the American Institute for Economic Research found that the majority of workers retiring at 65 were blue collar workers. The researchers figure the physically taxing work is a bigger motivation to retire, and that the drop in income is not as severe as it would be for someone making six-figures. The researchers also found that when people talk about raising the retirement age, they’re referring to the full-benefit age. Workers who retire early at age 62 can receive 70% of social security benefits. That means paying in fewer years and collect benefits longer.
The Illinois carrier recently raised $35 million through a stock offering.
One of the recorded votes on amendments was on a jab at short-term health insurance.
A Principal Financial executive represented life insurers at the hearing.
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