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Rep. Nancy Mace Urged Congress to Raise the Retirement Age

Rep. Nancy Mace says raising the retirement age should be “on the table.” (Photo: The Hill)
Rep. Nancy Mace says raising the retirement age should be “on the table.” (Photo: The Hill)

Rep. Nancy Mace of South Carolina said increasing the retirement age benefits future Social Security beneficiaries. She urged legislators to consider it “on the table” as long as it does not affect those heading into retirement.

Rep. Mace told CNN’s Kaitlan Collins on the “State of the Union” that Republican presidential candidate Nikki Haley is calling for raising the retirement age for Americans in their 20s. She clarified that their proposal would not affect those heading into retirement.

The proposal comes after the looming insolvency of the Social Security fund. Rep. Mace said younger generations would be significantly affected once the funds are diminished or depleted. She urged Congress to increase the average retirement age, which had long been 65 since 1883. She said the age should gradually increase to 67 for those born in 1960 or later.

Republican presidential candidate Nikki Haley is calling for raising the retirement age for Americans in their 20s.

Republican presidential candidate Nikki Haley is calling for raising the retirement age for Americans in their 20s. (Photo: Le Monde)

See: Looming Insolvency of Social Security – Experts Propose a Tax Cap

Retirement and disability trust funds of Social Security are forecasted to be depleted in a few years. Social Security’s trustees predict it will be no sooner than 2035 if Congress does not act. The welfare program would fund about 80% of scheduled benefits by then. The shaky financial situation of Social Security is caused by fewer workers paying in the program and an increasing number of beneficiaries who are living longer.

A high number of Americans rely on the entitlement program. MSN estimates around 66 million disabled workers and their dependents and retired workers and their dependents and survivors receive monthly payments. Elected officials are cautious about suggesting changes that could lead to benefit cuts.

President Joe Biden promised to protect the program, but did not lay out his plan when he released his budget proposal last week.

Republican presidential candidate Haley first suggested changing the retirement age for young people in Iowa on Wednesday, along with other changes to entitlement programs. However, her campaign team did not clarify what she would set as the retirement age.

Find Out: Senator Bernie Sanders Reintroduce the Social Security Expansion Act

More: US Should Raise Social Security Retirement Age – Republican Lawmaker 

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