Financial Hardship Before and After Social Security’s Early Eligibility Age
Many older workers begin phasing out of the labor force before reaching Social Security eligibility at age 62 or Medicare eligibility at age 65. Although some workers choose to retire early, poor health or job layoffs force others to leave the labor force before they qualify for retirement benefits. This project will use the Health and Retirement Study to examine the extent to which workers experience hardships in the years before attaining Social Security and Medicare eligibility. The study will provide new information about the adequacy of the safety net for older workers and the challenges some people may face if lawmakers raise the Social Security early eligibility age.