Raising the retirement age to 69. That’s what they’re talking about right now in certain committees. Personally, my opinion is that Social Security needs a fix, but I don’t think you need to penalize everybody. The numbers show that if you lift the cap on those people who earn more than 90K, the program would instantly become solvent.
However, now we’re faced with other issues and one of them is boosting the retirement age. Anybody think this is a good idea?
From the Washington Post:
…an increase in the retirement age is one of the suggestions that Sen. Charles Grassley, chairman of the Senate Finance Committee, outlined last week for fellow Republicans on the panel, according to several officials. Officials said Grassley’s suggestion for raising the retirement age would be phased in, possibly over two decades or more, depending on future demographic trends.
At least Grassley is considering some compromises too.
The Iowa Republican has also suggested steps to hold down benefits for future upper-income retirees. The officials who described his presentation did so on condition of anonymity, saying the discussions were confidential.
And lastly I’d just like to point out a little common sense. Somebody who has probably worked for nearly 40+ years deserves to retire at 65. Heck, they deserve to retire earlier than that. Hiking the age isn’t right. And not to put too fine a point on it, but for the government to make that decision is suspect at best. I’m sure you’ll find that the majority of people in Washington politics have the ability to retire far earlier than 65 if they want to. They should instead give that decision to the people to settle. I know that won’t happen, but it should.