The evidence we have pieced together through additional probing suggests that for those aged 45 to 54, there is a range of policy options — beyond the fatalistic prescription to “just work longer” — that has the potential to materially enhance retirement security, if adopted quickly. For those aged 55 to 64 the outlook is bleaker, though temporary increases in Social Security payments targeted to that group (or its poorest members), or an expansion of anti-poverty programs such as Supplemental Security Income (SSI), could, if enacted, ameliorate the worst of the anticipated impacts on the poorest retirees.
Despite the availability of a potential solution for the 45- to 54-year-old group and of an improved safety net for the 55- to 64-year-old group, no one we spoke with suggested that the political will to effect such changes exists today.
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