CEO Group Wants to Raise Retirement Age to 70

8:45 pm Retirement Planning

senior woman3 e1315950493509 CEO Group Wants to Raise Retirement Age to 70The Business Roundtable, a group of over 170 of America’s leading CEOs, has put forth a proposal aimed at reforming Social Security and Medicare and says it can best be done by extending the qualification age for both entitlement programs to age 70.

As outlined in its Social Security Reform and Medicare Modernization Proposals, the essential elements include:

Social Security

Raise the Social Security retirement age from 67 to 70 while accommodating the unique needs of those in physically demanding jobs via a reformed Social Security Disability Insurance Program.  Protect the initial benefits of those 55+ today.

Adjust benefit formulas to include means testing for high-income individuals.

Update method for calculating Cost of Living Adjustments by tying them to the Chained Consumer Price Index.

Include new sate and local workers in Social Security.

Incentivize private retirement savings programs.

Medicare

Raise the Medicare age of eligibility to 70, not to affect those age 55+ today.

Expand competitive models of care, allowing seniors to choose between Medicare and private plans.

Adjust Part B and Part D premiums to include additional means testing for high-income individuals.

Retain existing program for low-income Americans.

Contact us today and let our Newport Beach law firm help you with all your financial planning needs.

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