Join us for the September session of the Reimagining the Economics of Aging Seminar Series, a monthly virtual forum hosted by the Wealth Equity Lab at The New School.

This series brings together scholars and practitioners to deepen conversations on aging, retirement, and late-life economic security, with a focus on works in progress and active discussion.

 
On October 7th, we will host Dr. Jason Fichtner, Senior Policy Fellow at the Center for Social Development and Executive Director of the Retirement Income Institute, Alliance for Lifetime Income. who will discuss the Social Security Retirement Earnings Test (RET).

The RET was originally included in Social Security based on the straightforward social insurance concept that to receive a retirement benefit, a person must have experienced a loss in income due to retirement and no longer working. Unfortunately, the RET rules are widely misunderstood by beneficiaries today, and it discourages work in an era when earnings are an increasingly important component of old-age economic security. The RET is enormously complicated and most older workers are unaware of it -- at least until it affects them. Even when workers have heard of it, most misperceive it as a tax and think withheld benefits do not get returned. Repealing the RET could help improve the financial security of older Americans by allowing them to continue working without having some of their Social Security benefits withheld. On the other hand, repealing the RET could lead more people to claim benefits before their full retirement age and, thus, receiving a reduced monthly Social Security benefit that could worsen their financial security in older ages. Public policy decisions require an understanding of the economic and social opportunity costs and tradeoffs. Should the RET stay or should it go?