The retirement age should by what ever the pay out age was when the government took the first payment out of your earnings. Would one buy an insurance policy and after you paid for it, the insurance company would then decide if they were going to pay or not?
because reality always triumphs over faulty promises.
we should just lower the retirement age to 22 of course we can't pay, but who cares about reality.
the reality is the current retirment age can not be allowed to stand because the alternative is bankruptcy which sometime happens to insurance cos. too and then you get zip, no matter what the promises.
Americans are living longer and retiring later. Raising the retirement age doesn't change anything. As far as I'm concerned the only promise was to help the elder in retirement, not a guarantee at 55 or 65 or whenever. If most people are living to 80+ now and retiring at 67-70, then the retirement age should also be that.