Currently, standard Social Security retirement age is 65—67 for those born in 1960 or later—but some financial experts have advised raising the standard retirement age to 68, or even 72, to acknowledge increased life expectancy and reduce the number of years most retirees will receive benefits. Other cost-saving proposals focus on reducing benefits to retirees.
Here's how to compare Obama vs. McCain on raising the retirement age and cutting Social Security benefits.
- McCain on Raising the Retirement Age or Cutting Social Security Benefits
McCain says that his plan to keep Social Security solvent for future retirees would match the growth of benefits to the projected growth in payroll taxes, which might include raising the retirement age from 65 to 68 and reducing cost-of-living adjustments to retirees and other Social Security beneficiaries. - Obama on Raising the Retirement Age or Cutting Social Security
Benefits
Obama is opposed to raising the retirement age or cutting Social Security benefits.
According to his campaign website, “Obama will protect Social Security benefits for current and future beneficiaries alike. And he does not believe it is necessary or fair to hardworking seniors to raise the retirement age.”On Meet the Press in November 2007, Obama said as president he would convene a meeting where all available options could be discussed, but “I believe that cutting benefits is not the right answer; and that raising the retirement age is not the best option.”
