Governments across Europe are raising the retirement age in an effort to tackle their budget deficits.
In the United States, the bi-partisan Budget Deficit Commission is expected to call for raising the retirement age, when it presents Congress it's recommendations in December 2010.
While increasing the age at which workers can retire, and receive benefits, may help reduce budget deficits in the short-term.
In the long run, raising the retirement age may actually do more harm than good, for the economy, society, and the environment.
Here are 5 reasons not to raise the retirement age: 1) It is bad for the economy.
Raising the retirement age increases the pool of workers in the workforce, exacerbating unemployment, and reducing wages for all workers.
Higher unemployment and lower wages, reduces government tax revenues, while increasing the costs associated with high unemployment.
It is self defeating.
2) It hurts the environment.
More workers, commuting back and forth between home and work, equals more air pollution and global warming.
Retirement dramatically reduces an individual's carbon impact.
3) It is age discrimination.
Many local and state governments are adopting two-tier pension systems, where current employees get to keep their current retirement age, while newer (usually younger) workers have to work longer before they are eligible to retire.
Especially hard hit, will be younger workers, and college graduates who cannot find jobs.
4) It harms society.
Forcing grandparents to spend time working, instead of spending time with their grandchildren, is bad family values.
Forcing workers, to continue working physically demanding jobs into old age, is harmful to the individual.
5) It is dangerous for public safety.
60 year old cops, 65 year old firefighters, and 70 year old bus drivers, endangers everyone's safety.
Raising the retirement age, may be a short-term solution to fixing budget deficits, that creates long-term problems for the economy.
Governments would be better served finding other ways of reducing their budget deficits.