People have been giving their suggestions on how to fix Social Security. A lot of people said that workers should be required to work longer to qualify for Social Security. Some analysts want to continue the age ramp that was started with the changes made under Reagan?s administration. People are going to live longer so the age ramp would solve most of the issues. People also suggested extending the full eligibility to 40 from the present 35.
Some people even suggested rising the full retirement age to 70. A lot of people now live into their 90s and the government can?t afford to have people living off taxes of others for a third of their lives. Lowering the early retirement age to 60 will solve the labor crisis as well as the Social Security problem. This will encourage older workers who have more retirement resources to leave the job market and open up the positions for other workers.
At the same time, Medicare eligibility should be lowered along with it. The age should be the same as the Social Security early retirement age. This would solve the problem of people working just to get health insurance.
Other people suggested reworking the current system of cost of living adjustments. They said that it should be computed the same as it is done today and make a 40 year forward projection. If the trust fund is in the black for the entire period then go ahead and do the annual increase. If it is not, then reduce the level of benefits for each retiree to 99 percent of what was computed.
Some even called for the removal of the Social Security COLA. In its place, they want to increase the Social Security benefit payment by 100 percent of the original benefit amount at age 80 and again at age 90. This would account for health care and other costs that increase over time.
Source: http://www.paydayloansmag.com/access-your-eligibility-for-social-security/
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