South By North Strategies, Ltd.

The Economic Policy Institute explains why most workers can’t offset cuts to Social Security benefits by working longer.

Further, the evidence does not support the claim that benefit cuts such as further increases in the full retirement age can be implemented in a way that would hold harmless those older workers who either cannot or are not well positioned to continue to work.
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Raising the retirement age might make sense if longevity gains were equally shared by all workers, regardless of income group, educational status, or race; if increased longevity meant continued good health; and if older workers had opportunities in the workforce equal to those of younger workers. But none of these conditions is true; thus, a further increase in the Social Security retirement age would impose hardship on many older workers. In any case, there is no need to cut benefits at all if Americans prefer to contribute more to the program to restore it to long-term solvency. Closing the projected shortfall on the revenue side makes sense given the weaknesses in employer-based plans and personal savings—the other two legs of the retirement stool.