House Republicans Propose Raising Retirement Age For Social Security To 69
On Wednesday, House conservatives proposed raising the U.S. retirement age to qualify for Social Security. This is a major point of contention between the parties and will likely be a highly debated topic during the upcoming 2024 presidential election.
The proposal was backed by the 176-member House Republican Study Committee. It aims to gradually increase the retirement age, which is currently 66, ultimately hitting 69 years old for those who will turn 62 in 2033.
If the plan becomes law, which is unlikely, those who are already collecting benefits would not be affected. People who are gearing up for an early retirement, though, may have to adjust their plan.
Republicans have also proposed turning Medicare into a “premium support” system, essentially making it a voucher program that would no longer guarantee its benefits to American seniors.
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Rep. Brendan Boyle (D-Pennsylvania) condemned the Republican’s proposal, claiming that they were “attempting to renege on our sacred promise to American workers and seniors.”
This proposition is contradictory to the promises that President Joe Biden and his administration have made over the past three years. The President has pledged on numerous occasions to protect Social Security from any plans to reduce payouts.
Biden and congressional Democrats have been focusing their efforts on lowering Medicare prescription drug costs and raising Medicare and Social Security payroll taxes on high-income earners. The president is an avid proponent of keeping current programs intact.
“Some of you are on Social Security or your parents or grandparents are,” said Biden in a State of the Union address. “You earned in. You earned every single penny, and you paid into every paycheck you ever got… They’re more than government programs. They’re a promise, a promise we made: Work hard and contribute, and when the time has come for you to retire… we’ll be there to help you out.”
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