My standard argument is that retirement needs are increasing as people live longer and face rapidly rising health care costs. At the same time, the retirement income system is contracting as Social Security replacement rates decline even under current law, employer-sponsored plans move from defined benefit to defined contribution with modest benefits, and people save little on their own. The only way to square this circle is for people to work longer. This, I say, should be feasible given that people are living longer, are healthier in their sixties, and that jobs are less physically demanding.
Read the full article at The Wall Street Journal.