Here we go…
A bipartisan group of senators is debating raising the retirement age on Social Security to around 70.
According to Semaphore, a group of senators led by Angus King (I-ME) and Bill Cassidy (R-LA) are considering raising the retirement age.
The senators insisted there would be no cuts to Americans currently receiving Social Security benefits.
“This is an example of two leaders trying to find a solution to a clear and foreseeable danger,” Cassidy and King spokespeople said in a statement to Semaphore. “Although the final framework is still taking shape, our plan includes no cuts to Americans currently receiving Social Security benefits. In fact, many will receive additional benefits.
The bipartisan group is led by Sens. Angus King, I-Maine, and Bill Cassidy, R-La. He is considering gradually raising the retirement age to 70 as part of his legislation to overhaul Social Security, Semaphore has learned from two people briefed on his efforts.
Other options on the table include replacing the existing formula that calculates monthly benefits from one based on a worker’s average earnings over 35 years to a different formula that is based on the number of years working and paying into Social Security.
The plan includes a proposed sovereign wealth fund (as previously reported by Semaphore) that could seed $1.5 trillion or more in borrowed money to jumpstart stock investments, the people said. If it fails to achieve the 8% return, the maximum taxable income and payroll tax rate will be increased to ensure that Social Security remains on track to be solvent for another 75 years.
In a brief interview on Capitol Hill Monday evening, Cassidy said he has been meeting with stakeholders about the proposal for the past two years, but its details are still in flux. “You can actually take a fund and take all your income out of there with some assumptions,” he told Semaphore.