Monday, March 07, 2005

68? 68?

WASHINGTON (AP) - A leading Republican senator is proposing to raise the Social Security retirement age from 67 to 68, while Democrats maintain their opposition to the president's plan to overhaul the retirement program with private investment accounts.

Nebraska Sen. Chuck Hagel's plan would raise the age that retirees could receive full benefits, beginning in 2023. "We are living longer," Hagel said Sunday on CBS'"Face the Nation.""So when you look at the total universe of this, I think that makes some sense to extend the age."

Now, at least somebody's talking about raising the retirement age. But seriously, 68? When Social Security was created, the age participants could begin receiving full retirement benefits was 65...while life expectancy was just over 60 years. Now, when life expectancy is slightly under 78 years (and advancing fast), we're going to increase the retirement age to only 68.

For my generation, 70 is much more plausible. And even 72 isn't out of the question.

No comments: