A group of influential business leaders are lobbying to raise the full retirement age to 70 for Social Security and Medicare benefit eligibility in an effort to reduce the national deficit, the Associated Press reports.
Social Security is presently running at a deficit. At its current spending rate, the fund will be depleted by 2037.
Under the proposal, people who are now 55 and over wouldn't be affected. Younger people would face some implications.
The leaders note that the retirement age, which was set decades ago, hasn't adjusted to account for longer lifespans and healthier adulthoods.
Opponents of the policy include many groups that lobby on behalf of older Americans.
Source: Associated Press
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