Why the Bowles-Simpson “Hardship Exemption” Won’t Work

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The Bowles-Simpson deficit reduction proposal would raise the normal retirement age for receiving full Social Security benefits from age 67 to age 69, and the early retirement age from 62 to 64.  (Technically, it indexes the retirement ages to longevity, meaning that the ages would continue to rise eventually beyond ages 69 and 64.) The proposal includes a “hardship exemption” that would allow workers to appeal for an exemption from the increases in retirement ages, so that they could become eligible at age 67 for full benefits and remain eligible for early retiree benefits at age 62.  The following fact sheet explains why this “hardship exemption” is fundamentally flawed, and will ultimately do nothing to help those workers who are most impacted by an increase in the retirement age.

Why the Bowles-Simpson “Hardship Exemption” Won’t Work

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