Increasing the full retirement age is not a third option; it’s an across-the-board benefit cut
As figure 1 shows below, the cost of the program as a percentage of payrolls is higher than revenues. In the short term, the gap can be filled by drawing down the trust fund that was built up after the 1983 legislation. Once the trust fund is exhausted, revenues will be sufficient to cover only about 75% to 80% of scheduled benefits.
Social Security’s full retirement age under current law is in the process of moving from 65 to 67. To keep lifetime benefits for the average worker roughly constant, benefits claimed earlier than the full retirement age are actuarially reduced and benefits claimed later are actuarially increased. This impact can be seen in figure 2 below, which shows the average labor-force participation rate for those with a high-school diploma or less , those with some college but no four-year degree , and those with a four-year degree . Although education is not a perfect proxy for lifetime earnings, the two are highly correlated.
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