If the government reduces the retirement age from 67 to 65, it will increase the government's burden from entitlement programs.
What are entitlement programs?
- The federal government's entitlement programs include Medicaid, Medicare, Social Security, unemployment insurance, and welfare. Programs for entitlements are privileges provided by federal legislation to citizens and some non-citizens.
- Either contributory or non-contributory plans are offered. Non-contributory refers to the fact that members can take advantage of entitlement programs regardless of whether they have made financial contributions.
- Non-contributory programs include welfare schemes like Pell Grants and SNAP (food stamps).
- Even if participants have never contributed to the program, they nevertheless receive advantages.
- An illustration of entitlement programs is the Social Security Retirement Program. During a person's working years, the program collects payroll taxes and uses them to pay benefits in retirement.
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