According to a CNBC report, although Congress has done nothing substantive to address the need to secure better future funding for Social Security, there is the possibility that politicians may seek a familiar remedy: raising the retirement age. After all, lifespans have lengthened and health care, however inaccessible it may be to many, has improved in lots of ways. It might seem logical to compel workers to stay on the job longer before they can retire and start drawing on the Social Security benefits they’ve already spent many years paying into.
If the age is raised to 69, as is talked about currently, there will be consequences—and not just the ones politicians may be aiming for. Since the law of unintended consequences will undoubtedly weigh in on any such action, according to the report, here are four potential effects such a “solution” may have.