For individuals, working longer can mean more income and savings and something to bequeath to one's children. For the nation, if millions of us worked until 67 instead of 62, Americans' wealth and consumption would increase appreciably, fueling stronger economic growth. That added income would provide about $800 billion in additional tax revenue and reduce government benefit costs by at least $100 billion in 2045, according to Urban Institute calculations. This alone would cut the projected deficit in 2045 by 159 percent.

To encourage such behavior, Social Security benefits taken before age 66 or 70 could be more highly taxed, and employee rates of Social Security taxation could be progressively reduced for each year worked after 66 or 70. Or the government could provide a similar sliding tax credit for Americans who continue working beyond age 70.

Sen. Herb Kohl, D-Wis., has introduced legislation to reduce lost public and private benefits for those who work until 72. Other disincentives to working longer could be eliminated. Rep. Rahm Emanuel, D-Ill., has proposed creating 401(l) accounts — tax-deferred accounts with employer matches — to help middle-age workers fund their retraining and education.

For everyone's good, Americans should at least be able to work as long as their shorter-lived, poorer grandparents did. By doing so, they would be unselfishly helping preserve and strengthen our nation's future by alleviating — rather than worsening — our national debt and making hands-on contributions to our children and communities.

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Andrew L. Yarrow, Washington director and vice president of Public Agenda and a professor of U.S. history at American University, is the author of the forthcoming book "Forgive Us Our Debts."