Republican Presidential Hopefuls Want to Raise Age for Social Security Eligiability

[Yo_Mama_Been_Loggin]

Social Security is not just a gray-hair issue. Millennials are not only a major force as voters, but the massive generation now comprises the majority of the American workforce. And one thing all workers take note of -- all of the deductions from our paychecks. We’re all paying into the Social Security system; the question is: What will we receive in return tomorrow for every dollar that’s taken out of our paycheck today? And when do we get our money back?

Republican presidential candidates are already stirring voters with talk of raising the national retirement age. Presidential candidate and Florida Governor Jeb Bush says Social Security benefits need to be delayed to age 68 or 70.

“So people that already have the supplemental retirement system, which is a contract, I don't think we violate that. For people that are about ready to be beneficiaries of their supplemental retirement, I don't think we change that,” Bush said Sunday on CBS’s “Face the Nation.” “But we need to look over the horizon and begin to phase in, over an extended period of time, going from [age] 65 to 68 or 70. And that by itself will help sustain the retirement system for anybody under the age of 40.”

Currently, the “normal retirement age” for full Social Security benefits is age 65 for those born in 1937 or before. For those born in 1938 and later, it rises in two-month increments -- to age 66 for those born from 1943 to 1954, and 67 for those born in 1960 or later. “Early retirement” for all Social Security recipients, with benefits reduced by as much as 30%, can begin at age 62.

Bush is not alone in suggesting a fundamental change to Social Security. In a large, and growing, field of Republican contenders, most are calling for boosting the retirement age. New Jersey Gov. Chris Christie proposes a normal retirement age of 69 -- with early retirement benefits delayed to age 64. Sen. Marco Rubio of Florida has floated similar increases.

-more-

http://www.msn.com/en-us/money/retirement/social-security-hot-button-topic-among-presidential-hopefuls/ar-BBkDCHD

[RobertEarl]

1. Clinton will, Bernie won't

Vote for Bernie!!

[Yo_Mama_Been_Loggin]

9. When has Clinton come out in favor of such?

[azmom]

2. Bernie won't.

[Frustratedlady]

3. Why doesn't anyone ever talk about raising or eliminating the ceiling?

What is it now? Why not tax everyone?

[hack89]

6. The maximum taxable income limit goes up automatically every year.

http://www.socialsecurity.gov/planners/maxtax.html#maxEarnings

[Frustratedlady]

7. I'm saying eliminate the ceiling. Let the millionaires pay, as well.

It all boils down to the middle class supporting another system. I see no reason why they are crawling through the $100Ks when they could leap to the million$ and solve the problem...if there truly is one. Those million+ earners aren't going to miss that money.

Thanks for the chart, by the way.

[hack89]

8. Millionaires do pay

the reason for the limit is that how much you get is linked to how much you pay. Millionaires don't need bigger social security checks.

[napkinz]

4. ...

[GeorgeGist]

5. We can't afford rich people.