Social Security Reform: Increasing Retirement Age

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On Wednesday, the Republican Study Committee presented a budget proposal that increases the retirement age. The proposal suggests having the retirement age to life expectancy, a measure aimed at addressing the looming insolvency of the Social Security fund.

The budget proposal did not provide any details regarding the proposed increase in the retirement age. Instead it emphasized the need to adjust it for individuals not near retirement, due to increases in life expectancy overall. They also want to phase out auxiliary benefits for high-income earners gradually. There are growing concerns about the financial stability of the Social Security fund that has been repeatedly raised by the RSC, which called for bipartisan efforts to address the issue.

The proposal states the situation's urgency, stating, "With insolvency approaching in the 10-year budget window, Congress has a moral and practical obligation to address the problems with Social Security." During his State of the Union address, President Biden made it very clear how he felt about the idea to reduce Social Security. As well as, Medicare benefits or to increase the retirement age. Some conservatives feel Social Security reform is way overdue. They want to turn Medicare into a premium support model while rolling back certain provisions of the Affordable Care Act.

Medicare is anticipated to face insolvency by 2028, and Social Security is expected to follow the same path by 2033. Without additional revenue, benefits will be subject to mandatory reductions after these dates.

Express your thoughts on this issue: Do you agree with raising the retirement age to save Social Security?