Business CEOs call for raising retirement age

January 16, 2013 by Stephen Ohlemacher

An influential group of business executives is pushing a plan to increase the full retirement age to 70 for both Social Security and Medicare and to partially privatize the health insurance program for older Americans.

The Business Roundtable's plan would protect those 55 and older from cuts but younger workers would face significant changes. The plan unveiled Wednesday would result in smaller annual benefit increases for Social Security recipients. Initial benefits for wealthy retirees would also be smaller.

Medicare recipients would be able to enroll in the traditional program or in private plans that could adjust premiums based on age and health status.

The proposal puts the CEOs at odds with many groups that lobby on behalf of older Americans.

Explore further: New guide explores making the most of Social Security


Related Stories

New guide explores making the most of Social Security

September 4, 2008

Many older Americans may be shortchanging their golden years by tapping into Social Security too soon, according to a University of Illinois expert who has studied the federal retirement program for nearly two decades.

Recommended for you

Dutch create world's largest man-made wave

October 5, 2015

In a country where most people live below sea level, studying the oceans is a matter of survival. Now Dutch scientists have created the world's biggest man-made wave in a bid to prepare for the worst.


Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.