Oct 2, 2012 0
As life expectancies grow, so do the number of studies exploring the options for older workers, social security, and retirement. One such study, from the University of Michigan, looks at the idea of eliminating social security payroll taxes for workers over the age of 55 in order to encourage them to continue working rather than opting for retirement. The research found that workers would receive a 10.6 percent increase in their take-home pay and would choose to stay on the job an additional year and a half to take advantage of the extra income. Rewarding older workers would benefit seniors as they financially prepare for retirement but would also be good for the economy as a whole. The study used data from the University of Michigan’s institute for Social Research and the Consumer Expenditure Survey conducted by the U.S. Bureau of Labor Statistics. More here and here.