While some call for further raising the Social Security retirement age, experts say other changes may be more appropriate.
That's as Social Security is facing a looming shortfall. The trust fund used to pay retirement and survivors benefits is projected to, at which point there may be a benefit cut of at least 23%, Social Security's board of trustees has projected. Yet fewer than 10% of claimants wait until that age, notes Teresa Ghilarducci, a labor economist at The New School for Social Research and author of the book, "Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy."
"When you look at countries around the world that have had underfunded pension systems, they raise the retirement age," Biggs said. "It's just a very, very common fix."
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