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Cash-Strapped States Pushing Back Retirement Ages For Workers

Cash-Strapped States Pushing Back Retirement Ages For Workers


(The Huffington Post)
Excerpt:


In response to the massive pension obligations owed to soon-to-retire baby boomers, at least 10 states have voted to push back the retirement age of their employees, the Wall Street Journal reports. Those hoping to receive a full pension will have to work longer or pay a higher penalty for retiring early.

Such measures follow last week's announcement that state governments plan to fire nearly 500,000 employees in the coming year. Across the country, states face unpaid bills, furloughs and pay cuts for government workers.

It also complements a larger federal debate currently taking place: delaying Social Security benefits. House Minority Leader John Boehner, for instance, controversially told the Pittsburgh Tribune-Review he favors pushing back the retirement age to 70 years old.

How much would it save? No one knows for sure, ....

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