Family situations, such as having elderly parents move into the hom, could create more early retirements if care for those family members is needed.
Which of these factors dominates in the future matters from a policy perspective, the authors said. “As policy makers attempt to improve the finances of Social Security, one likely change could be to further increase the full retirement age” if workers succeed in working longer.
“This research suggests that the ability [to work longer] could be aided by improvements in health or hindered should a recession occur. Policymakers considering the implications of such changes must therefore carefully consider trends in health and the economy,” they said.