Social Security Proposal

The Bowles/Simpson Deficit panel released their recommendations on what needs to be addressed to lower the deficit; one of which was Social Security. I have an idea that I think should be explored as hopefully a way to fix it for the short term. The idea is a simple one, which is perfect since I'm a simple man. It is a 2-part solution. It involves raising the retirement age to 70, while allowing people who reach 65 the opportunity to reap some early benefits. Let me explain.

People are living longer than they did when FDR first passed Social Security. Because of that fact people are on Social Security a lot longer than was anticipated. Back in the day, you were lucky if you even saw a Social Security check. Now with live expectancy going up that means more and more people are receiving these checks. And with the Baby Boomers fixing to retire we've got to address this problem now. So my suggestion is, first raise the retirement age to 70. This would allow the U.S. government a chance to refill the coffers of the Social Security Lock box(that Presidents dip into even though they say they won't)with people allowed to work longer. However, I acknowledge that this will cause some inconvenience from those counting on the benefits at 65. So my second step would be to allow those born before the year 1990 the option of taking 3/4 of the benefits at 65 if they so choose, or they can wait and get full benefits at age 70.

The genius of this idea imho, is that either way the government would be able to refill the coffers and make Social Security solvent again. At least for the short term. I would love to hear your thoughts on this suggestion. Tell me what you like, dislike or how you might fix this problem. After all the only way we'll survive as a nation is if we put partisanship aside and work together.

Until Next Time,
Chesswiz77 is out.