February 26, 2004 1:10 PM

Retire at 65? Try 67, 68, 69, or 70.
Posted by at 1:10 PM

It hasn't grabbed much attention as of yet, but, Federal Reserve chairman, Alan Greenspan, stepped into the social security debate yesterday. He is suggesting that the government should Trim Social Security in order to counteract the soaring budget deficit.

With a good percentage of the current workforce entering the retirement age over the next five years, it raises the question of what happens when the baby boomers start to retire in mass? What happens to those vacated positions and what happens when people are having to work later in life? This is an important issue not just for the people facing a rapidly approaching retirement but, for everyone else in the workforce (both employed and unemployed) as well.

There have been many articles written lately about retirees having to go back into or staying in the workforce see: Recognizing seniors' desire to combine work, retirement, Out in the Field: Report: Americans postpone retirement, and 'Retirement' a dirty word for many older workers. If the feds cut back on the social security benefits and/or raise the age at which people qualify for receiving benefits, working beyond the age of 65 may be the reality for everyone... especially for those whose retirement is in the distant future (Gen-Xers and Gen-Yers).