By: Christian Weller, Rebecca Vallas, and Stephanie Lessing
Published: December, 2019
A combination of income inequality, volatility in the labor market, stagnant wages, and declining benefits puts American workers at increased risk for retirement insecurity. The two major problems older workers face are chronic health problems or inability to find a job they can continue to do.
The authors of this proposal suggest that workers aged 62-66 years old be offered a new form of Social Security benefits called a bridge benefit, which would be added on to their early retirement benefits. The benefit would pay half of the difference between the worker’s full retirement benefit and the early retirement benefit at each age prior to the normal retirement age, starting at age 62 years through 67 years (this can be adjusted if/when FRA is further adjusted).
Download the full policy proposal.
This proposal was developed as part of the project, Enhancing Social Security and Improving Retirement Security. Summaries of the four winning proposals are available here.