The prospect of raising various retirement ages, including early retirement at 62, full retirement at 67, and late retirement at 70, are currently being discussed as potential strategies to prevent Social Security insolvency and increase payroll and income tax revenue. This move is apparently driven by evidence from two recent academic studies, which demonstrate considerable labor market response to past full retirement age increases.

Conducted by Professors Rabate, Jongen, and Atay (RJA), one such study delves into the Dutch experience, where the full retirement age was progressively raised from 65 in 2012 to 66 years and four months in 2019. Despite the existence of robust early retirement provisions facilitated by employers, their findings reveal notable upticks in both employment rates and participation in other social insurance programs between groups with old and new full Social Security retirement ages.

In the U.S., Professors Deshpande, Fadlon, and Gray studied similar changes in full retirement age. They also observed increases in labor force participation in line with increases in the full retirement age for Social Security benefits. Additionally, they highlighted that an essential variable in the extent of work increase upon retirement age alteration is the difficulty level in securing disability benefits.

In conclusion, the potential of raising retirement ages to sustain Social Security is strongly backed by empirical evidence. However, it will be imperative for the government to assess its ability to facilitate this transition carefully and design effective strategies accordingly, potentially including a reexamination of disability benefits eligibility criteria for older workers. For those seeking information or help regarding employment, disability, or retirement, services like EDD offer a range of resources. If you need to contact EDD, there are several ways to do so, including the EDD phone number and online services. Eddcaller.com provides further details on how to reach an agent at EDD, ensuring assistance is readily accessible for all those in need.