Social Security Age Requirement May Change

( )- The 19FortyFive website reports that expert Romina Boccia has written about how to save Social Security,

The most extensive federal government program, Social Security, turned 87 just recently. Although the world has changed, this large federal program has not evolved. We need change now.

The program was enacted into law on August 14, 1935, and President Franklin D. Roosevelt described it as a law that would afford some measure of protection to the typical citizen and his family…against poverty-ridden old age.

Despite the significantly greater wealth that retirees own, Social Security currently transfers more than $1 trillion yearly from working Americans to those in retirement. It began as a modest income support program for people who lived past the age of life expectancy. Additionally, it is anticipated that during the following ten years, the program’s yearly investment will increase to nearly $2 trillion.

Anyone who has even a passing interest in how the government operates would be aware that even simply designed projects frequently end up serving purposes entirely unrelated to those they were initially intended for. The program has also had plenty of time to change from an old-age poverty program to a politically convenient entitlement because it is one of the oldest government programs. There should be no delay in Congress enacting the following sensible changes:

The United States has had a nearly 20-year increase in life expectancy at birth throughout Social Security’s existence. Despite tremendous advancements in health and longevity, Social Security’s full retirement age has been increased by two years (from 65 to 67; to be fully phased in by 2027), and the early retirement age has not changed at all. Social Security diminishes labor force participation, which slows growth, by incentivizing people to retire earlier than they otherwise would.

Congress should extend the Social Security early and full eligibility ages by three years each, to 65 and 70, and index them to lifespan gains. These are modest and sensible changes that maintain the primary objectives of the Social Security program while lessening the financial load on present and future taxpayers.

Regardless of the need, Social Security offers cash support to older Americans. As opposed to being a program to alleviate senior age poverty, Social Security becomes an entitlement program. According to the Fed’s most recent Survey of Consumer Finances, the median net worth of working Americans between the ages of 35 and 44 in 2019 was $91,300. In contrast, the median net worth of people 65 and older was over three times that amount. If the government offers income support to retirees, it ought to prioritize those who have little ability to support themselves.

Congress should conduct a means test for Social Security, returning to the program’s original goal of protecting seniors from poverty.

The Social Security trust fund is not an asset, but a liability to taxpayers, writes Julian Zelizer. He says Congress must address how benefits are set up and modernize the program.

Zelizer says that the more time Congress takes to act, the more expensive the changes will be.