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.
I believe if you collect SS, you will be sent automatically a Medicare Part A card. You will then be offered Part B. If you do not take it when offered you will be penalized.
If you are taking SS, it is illegal to be on Obamacare.
If you wait until you are disabled, S.S. Disability pays significantly more than regular S.S.
Not suggesting that you do that.
I retired at age 54 and started getting regular S.S. checks at 62, Medicare at age 65.