"Equivalent retirement ages" and their implications for Social Security and Medicare financing

The projected implications of population aging, especially the attendant costs of income support and health care, are based on a definition of normal retirement age as age 65, although the retirement age for full Social Security benefits will be raised gradually to age 67 by the year 2027. Should the retirement age be increased beyond what is now scheduled in the 1983 law? This article discusses the concept of "equivalent retirement ages" as a method for determining an appropriate age for normal retirement, and points out the usefulness and limitations of raising normal retirement age as a policy instrument.