http://www.nasi.org/learn/socialsecurity/retirement-age
“Social Security’s full-benefit retirement age is increasing gradually because of legislation passed by Congress in 1983. Traditionally, the full benefit age was 65, and early retirement benefits were first available at age 62, with a permanent reduction to 80 percent of the full benefit amount. Currently, the full benefit age is 66 for people born in 1943-1954, and it will gradually rise to 67 for those born in 1960 or later. Early retirement benefits will continue to be available at age 62, but they will be reduced more. When the full-benefit age reaches 67, benefits taken at age 62 will be reduced to 70 percent of the full benefit and benefits first taken at age 65 will be reduced to 86.7 percent of the full benefit.”
I approve of raising the age to 67, which is already on the books. I also approve of continuing that increase, for those who are more than 10 years from eligibility. Raise it to 70, at least, adding one month of age for every three months thatt pass or some such schedule.
Add one Month per Year to the Eligibility Age.
Do this for both Early and Full Benefit Ages.
This Year, Age 62, next Year, Age 62 plus One Month. Repeat for 36 Years. Do this until the “Early” Benefit Age is 65 and the “Full” Benefit Age is 70.
Life Expectancy is way beyond what the Models predicted when SS was implemented. Of course, expanding SS into areas where it was never intended to go, (SSI for instance), has rendered it completely unsustainable.
I think the same should be applied to Medicare, topping out at Age 70 adding One Month Per Year to the equation. It would take 60 Years and I can only imagine the Life Expectancy by then. Even adding a Month a Year will save Money and extend Medicare’s viability.
BTW - I am applying for SS at Age 62 this Year. My Medical Condition does not work out for me waiting to Age 66 for my Full Benefit. Have to get it while I can.
My Birthday is the end of July, but I will not receive my first SS payment until the fourth Wednesday of September. That means I will be 62 and Two Months when the money finally arrives, juts in time for my expected Obamacare induced Health Insurance Premium Increase in 2016. It should cover the Increase, or so I hope.