GOP Senator's plan calls for raising Social Security retirement age
Hutchison is the latest of several Republican senators to propose cuts to Social Security benefits.GOP Sens. Rand Paul (Ky.), Mike Lee (Utah) and Lindsey Graham (S.C.) introduced a plan in April that would increase the retirement age to 70 by 2032. Their proposal would reduce the public debt by $6.2 trillion by 2085.
Hutchison wrote a letter to Vice President Biden Thursday urging him to include her plan in negotiations over the debt limit.
“We cannot address our soaring deficits without reforming our broken entitlement programs,” she wrote. “Social Security’s $6.5 trillion unfunded obligation must be resolved, and I strongly encourage you to focus on Social Security’s impending fiscal problems.”
Hutchison’s plan would also increase the early retirement age from 62 to 64 by 2023. The measure endorsed by Paul, Lee and Graham would raise it to 64 by 2028.
She called for cutting the Social Security cost-of-living adjustment by one percentage point, so a 2.2 percent increase would be lowered to 1.2 percent.
Although she supports creating private Social Security accounts, her plan does not call for them.
Hutchison said that if Congress failed to curb Social Security costs, retirees’ monthly benefits would be cut by nearly 25 percent beginning in 2036.
Hutchison plans to retire from the Senate at the end of next year, and admitted she couldn’t be certain she would offer such an ambitious plan affecting the “third rail” of politics if she faced another election.
“I certainly understand people who might be looking at reelection. I think I would be doing this if I were seeking reelection, but I don’t know because I’m not,” she said.
Like all ponzi schemes, social security is yet another goofy leftist program that robs producers and rewards shirkers. As a worker less than 10 years from retirement, I have always resented funding a scheme that is controlled by feckless politicians and where participation is not optional.Social Security Early Retirement - News
I'm a rfetired Federal employee so I will never see social security. I'm neutral. In the middle 80s the Federal government abandoned the old Civil Service Retirement System - that's the one I'm under. I was grandfathered in.
“Social Security's $6.5 trillion unfunded obligation must be resolved, and I strongly encourage you to focus on Social Security's impending fiscal problems.” Hutchison's plan would also increase the early retirement age from 62 to 64 by 2023.
Another idea floated by a pension reform group includes making "defined benefits payable when employees reach the retirement age established by the Social Security Administration" – now 62 years old. The Little Hoover Commission, an independent state
Another idea floated by a local pension reform group includes making "defined benefits payable when employees reach the retirement age established by the Social Security Administration" — now 62. The Little Hoover Commission, an independent state
For women, the total individual amount of lost wages due to leaving the labor force early because of caregiving responsibilities equals $142693. The estimated impact of caregiving on lost Social Security benefits is $131351.
Retirement Investment | Lack Of Retirement Funds Is Americans ...
WASHINGTON, D.C. — More Americans are disturbed about not having sufficient allowance for early retirement (66%) than are disturbed about 7 other financial counts Gallup asked about. Majorities of Americans, however, are moreover really or tolerably disturbed about not being able to pay medical expenses for a major sickness or collision and about not being able to sustain their typical of living.
In the April 7-11, 2011, poll, Gallup’s annual consult on the manage to buy and personal finance, Americans were least expected to be disturbed about not creation minimum credit card payments (24%) and not being able to pay for their housing expenses (36%).
Gallup has tracked Americans’ worries about these 8 financial things annually given 2001, and has found that the tip 3 concerns have consistently been retirement, medical expenses connected to a major sickness or accident, and progressing their stream typical of living.
While the demand of Americans’ worries has normally stayed the same over time, regard about any particular piece increased at least rather during the recession, and all are up significantly from 2001.
Worry About Standard of Living at a New High
The 58% of Americans who are disturbed — and the 27% who are “very worried” — about not being able to sustain their stream typical of living is the highest on record.
Americans’ concerns about their typical of living primarily peaked during the retrogression and have remained on top of pre-recession levels before reaching the new high this year.
Concern About Money for Monthly Bills, Serious Illness/Accident Crept up Amid Recession
Americans’ worries about not being able to pay medical expenses for a major sickness or collision and not having sufficient allowance to pay their normal monthly bills increased in 2008 as the retrogression set in and have remained towering since.
More Americans Very Worried About Retirement Funding vs. Early 2000s
While early retirement has led Americans’ financial fret list any year, the commission who are really disturbed about this is significantly aloft given 2008 compared with the early 2000s. The two-thirds of Americans who are right away disturbed about appropriation their early retirement ties the all-time high Gallup available final year.
Social Security: Take early bird special?: Is taking retirement benefits early a no-brainer? Know the ins and ou... 
Fix Social Security, Step One: Increase normal retirement age to 68. Make early retirement age 64.
Does It Pay to Take Social Security Early? - 
Opinion: Eliminate the barriers to working and simultaneously collecting Social Security. 
What You Need To Learn About Social Security For Early Retirement Social Security Early Retirement - Bookshelf
Social security and retirement around the world
In this volume, Jonathan Gruber and David A. Wise turn to a country-by-country analysis of retirement behavior based on micro-data.Social security and early retirement
Social Security, Medicare & Government Pensions, Get the Most Out of Your Retirement & Medical Benefits
Working After Claiming Early Retirement Benefits Because Social Security retirement benefits plus savings and other investments are often not enough to live ...Early retirement and social security, a long term perspective
Social security programs and retirement around the world, micro-estimation
groups: collective mandatory retirement and individual early retirement. ... the Belgian social security system that days spent on replacement income count ...Find An Article Directory
Retirement benefits by year of birth
If you retire early. You can retire at any time between age 62 and full retirement age. ... early or late retirement will give you about the same total Social Security ...
Early or Late Retirement
A worker can choose to retire as early as age 62, but doing so may ... In the case of early retirement, a benefit is reduced 5/9 of one percent for ...
Retirement at 62: Is Receiving Social Security Early Worth It?
Retirement at 62: Is Receiving Social Security Early Worth It? ... Begin receiving reduced Social Security benefits at 62, or sometime between 62 and the normal retirement age; ...
Early Retirement Social Security
People should avoid claiming early retirement Social Security on account of following reasons. Early Retirement Social Security.
Social Security - How Early Retirement Affects Your Benefits
When you choose early retirement and take Social Security benefits before your normal retirement age, your benefit is reduced. ...