OKLAHOMA LAW REVIEW
D. A Two-Tiered Social Security System
Finally, I believe that we should reform the Social Security system. The current system is in deep financial trouble, and it discourages older Americans from working just when we should instead encourage them to work longer and save more for retirement.
The primary reason that Social Security is in financial trouble is that people are living longer and retiring earlier. For example, Figure 13 shows that life expectancies have increased dramatically since 1900, but we have only modestly increased Social Security’s full retirement age — from sixty-five for my parents to sixty-seven for my children.