Thursday, July 15, 2010

Raising retirement age to 70 touted as needed to save Social Security

Raising the normal retirement age to 70 is a needed first step, leading experts say.

The time has come for the nation to face some facts, and according to Republican U.S. Rep. John Boehner of Ohio, the House minority leader, that means fixing Social Security by raising the normal retirement age to 70 for future retirees, from the current 67.

Boehner wants to increase the retirement age to 70 for people who have at least 20 years until retirement. He also wants to tie cost-of-living increases to wages rather than the consumer price index and to limit payments so they go to only people who need them, according to published reports. The current Social Security "normal retirement age" for those born in 1960 or later is 67. (more)

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