8 Things That Will Happen if 70 Becomes the New Retirement Age in the US

Extended Work Life: Individuals would remain in the workforce longer, potentially leading to more accumulated wealth and higher lifetime earnings.

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Delayed Social Security: Claiming of Social Security benefits would be postponed, possibly improving the program’s solvency but also delaying income for retirees.

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Increased Healthcare Costs: Older workers might face higher healthcare costs as they continue to age while still employed.

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Job Market Pressure: Younger individuals may find it harder to enter or advance in the job market due to older workers holding positions longer.

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Enhanced Financial Planning Needs: Financial strategies would need to be adjusted to support a longer working life and later retirement.

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Shift in Employer Retirement Benefits: Companies might adjust their retirement benefits and pensions plans to accommodate the extended employment period.

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Changes in Consumer Behavior: Consumption patterns may shift as older populations continue working and spending differently.

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Increase in Mental Health Services: Longer employment may lead to increased stress, requiring more robust mental health support systems.

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