Most Republicans, adamantly opposed to any tax increases, continue to offer proposals that focus on cutting benefits, in ways that critics say could harm the most vulnerable retirees, while doing little to overcome the system’s financial imbalance.
“Americans are living longer,” Gov. Chris Christie of New Jersey, who is seeking the Republican nomination, said in a campaign speech in April in New Hampshire. “This is something to celebrate but, at the same time, we can’t ignore the real effect that has on Social Security.”
Not all Americans are living longer - workers in lower income brackets have seen life expectancy go down.
In any case, here's the effect of the raise in age:
Each year the “full” retirement age is raised translates into a benefit cut of nearly 7 percent for future retirees who are affected. The full retirement age is already scheduled to rise from 66 to 67 — for people born after 1959 — which will hold down benefits for that group.
Consider an individual who would receive a full benefit of $2,000 a month at age 67 under current law. She would receive $1,600 a month at age 67 if the full retirement age were raised to 70, according to the Center on Budget and Policy Priorities. Instead of receiving $2,480 at age 70 under current law, she would have to wait until 70 to get $2,000.
That's a big change - and one Rubio, Christie, Bush and others are looking to bring us.
Something to think about this election cycle.