Three senators have introduced legislation that would raise the Social Security retirement age to 70 – and reduce benefits for wealthier retirees.
Senators Lindsey Graham (R-SC), Rand Paul (R-KY), and Mike Lee (R-UT) introduced the bill, dubbed the Social Security Solvency and Sustainability Act.
They claim the bill will achieve sustainable solvency for the Social Security system without increasing taxes in any way.
To do that, the bill would:
- gradually increase the retirement age at which an individual could receive full Social Security benefits to 70 by 2032 (those currently 56 or older would not be affected)
- gradually increase the early retirement age from 62 to 64 by 2028, and
- slow down benefit accumulations for those making over $43,000 per year.
Info: To read the entire bill, click here (PDF).
