ANN ARBOR, Mich.---What if every U.S. worker got an automatic 10 percent pay raise at age 55? According to a new University of Michigan study, most people would work quite a bit longer to enjoy the extra income before they retired.
By eliminating social security payroll taxes starting when workers are 55-years old, the study shows that take-home pay would jump by 10.6 percent and they would work 1.5 years longer on average, paying more income taxes and helping to reduce the Federal deficit.