US Retirement Age increase could reduce benefit payments and ‘impact living standards’

As well as this, Americans could be forced to pay more taxes if the Retirement Age were to go up as proposed.

The expert said: “With an increase in the Retirement Age, employers are usually required to pay higher amounts into the Social Security system.

“This has an impact on wages and salaries, as they need to be adjusted in order to cover the extra costs associated with this change.

“It also affects businesses that employ older workers, since they must pay more for those employees than for younger people.”