Upping the Retirement Age
WASHINGTON — Key Senate Republicans are considering gradually raising the Social Security retirement age as high as 69 over several years as they struggle to jump-start legislation that President Bush has placed atop his second-term agenda, officials said Tuesday. …
The possible increase to 69 over two decades or more was among the suggestions that Iowa Sen. Charles Grassley, chairman of the Senate Finance Committee, presented to fellow Republicans on the panel last week as part of an attempt to give the program greater financial solvency, the officials said.
I’m looking for a little help/perspective on this one: when I started working at age 16, I was told that the federal government was going to take a portion of my earnings for my own good, but that there was nothing to worry about because I’d get it back — plus interest — when I turned 65. Now they want to back out on what at the time seemed like a contractual agreement. If they extend the retirement age, aren’t they essentially reneging on a contract because they can’t stop spending money on superfluous things?