Retirement Age – John Kennedy, a senator from Louisiana, stated that lawmakers should talk about raising the retirement age for those in their 20s.
Although Speaker Kevin McCarthy has emphasized that cutting Social Security is not an option in the debt ceiling debate, other Republicans are calling it “unrealistic” to leave the entitlement program alone.
John Kennedy, a senator from Louisiana, suggested on Sunday that lawmakers should talk about raising the retirement age for those in their 20s.
One of the biggest budget lines in the United States is Medicare, and as the population ages, costs are only predicted to rise. In order to extend the solvency of Medicare by 25 years, President Biden recommended enacting a new tax on the wealthy’s investment income in his budget, which was unveiled last week.
Raising the retirement age for Social Security beneficiaries should be “on the table,” according to South Carolina Republican Rep. Nancy Mace, as long as it doesn’t harm “anyone that’s headed into retirement right now.”
When asked about Republican presidential contender Nikki Haley’s suggestion for a higher retirement age for Those who are now in their 20s, Mace said to CNN’s Kaitlan Collins on “State of the Union” that it was something that needed to be discussed and looked at.
I am 45 years of age. Since I deposited money into retirement during my working years as an adult, I’m expecting that Social Security will be insolvent and I won’t get any of that money when I retire, Mace said. We must consider Social Security. We need to examine both our required and discretionary spending in our nation.
Read More: National Debt Ceiling Has Been Reached – Will Social Security Payments Stop?
Food Stamps 2023: How To Avoid Increasing Fraud And Theft?
As part of its 1983 reorganization of the entitlement program, Congress raised the Social Security regular retirement age, which had previously been set at 65. Those who were born in 1960 or later must wait until they become 67 in order to receive their full benefits because the age has been continuously rising.
Although they will only receive reduced amounts, Americans can apply for Social Security payments as early as age 62.
Read More: Student Loan Relief Update 2023: Is One-Time Payment Adjustment Enough?
CA Offers $27K To Low Income Resident For Buying An Electric Car
One way to bolster Social Security, which has long struggled financially, is to raise the retirement age. Less workers are contributing to the program and sustaining the rising number of recipients, who are also living longer, as the American population ages. All told, monthly benefits are made to close to 66 million retired people, their dependents and survivors, as well as disabled workers and their families.
Read More: The California Legislatures Outline A Budget Proposals With Significant Surplus
Assembly Member Santiago Push To Extend Child Tax Credit In California
The estimated dates for the possible depletion of the Social Security retirement and disability trust funds vary by a few years. If Congress doesn’t take action, the Social Security trustees estimated the deadline at 2035 last year. At that point, just 80% of the planned payments will be paid out by the entitlement program.
But, political leaders are reluctant to propose any reforms that could result in benefit reductions because so many Americans rely on the entitlement program. When he submitted his budget proposal last week, President Joe Biden, who has pledged to protect the program, did not outline his strategy for doing so.
At a town hall in Iowa on Wednesday, Haley had previously mentioned changing the retirement age for “young people” and detailed several modifications to entitlement programs. Yet when CNN questioned what retirement age she would institute, her campaign remained silent.