Most Affluent Would Raise Social Security Age, BofA Survey Finds

Bloomberg:

Affluent Americans support raising the Social Security age because people are living longer, a Bank of America Corp. (BAC) survey said today.

About 59 percent of people with more than $250,000 in investable assets said the government should increase the eligibility age for collecting retirement benefits, according to the study, which interviewed 1,000 individuals in December.

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Comments

[Carly EngageAmerica]

11:32 AM on 02/28/2012

A Congressional Budget Office (CBO) report (http://1.usa.gov/xpSWsj) examining the effects of gradually raising the eligibility ages for Medicare and Social Security is very timely. The CBO analysis finds that doing so would reduce federal spending on program benefits and encourage people to work longer. This in turn would grow the labor force and total economic output.

The CBO estimates the effects of raising Social Security’s early eligibility age (EEA) from 62 to 64 and normal retirement age (NRA) from 67 to 70. The idea of raising the EEA and NRA is not new, and it claims broader support than other reforms (http://bit.ly/ynZkoc).

[J R M]

10:49 PM on 02/24/2012

As you raise the retirement age, something that you should do, but do gradually, you must also expect that the number of disabled will increase as their health fails before they reach retirement age. Any calculation of the savings associated with raising the retirement age needs to include the increased disability rate - which is higher upon less skilled workers working more physically demanding or hazardous jobs.

[charleyvldm9]

09:33 AM on 02/24/2012

Hello Govt. are you looking for a revenue booster ,then raise both Medicare and Social Security ages to 70. We are working longer and living healthier.

[c-tom]

12:56 AM on 02/24/2012

With unemployment at over 8% we should lower the age back to 65 so younger people can find a job.

[kopanko]

08:03 PM on 02/23/2012

Affluent Americans support raising the SocSec retirement age because *AFFLUENT AMERICANS* are living longer, and because it's no big deal to them to sit on their butt and "manage" others. The sales clerk, the custodian, the warehouse worker, etc. Aren't living years longer. OF COURSE the SocSec retirement age should NOT be *raised* (???) If anything it needs to be *LOWERED*. We have massive unemployment. Companies don't hire older experience workers when they become unemployed because they don't want to have to pay their higher benefits.

There is one simple solution to *ANY* SocSec solvency issues in perpetuity:

GET RID OF THE WAGE CAP. "Problem" solved.

OUR GOAL should be to work toward a country that is more progressive, more humane, and *WITH LESS ECONOMIC DISTRESS" for those in need, not more. This meme going around about gutting Social Security is really disgusting, hollow, and ugly.

[jeremylh1]

07:32 PM on 02/23/2012

I don't wan to throw Grandma under the bus, but anyone over the age of 75 or 80 is probably getting way more money than they've ever paid in.

[getoffmedz]

06:53 PM on 02/23/2012

Raise it to 80 and make it retroactive.