I'll admit it -- I think raising the retirement age is a reasonable idea

[dolstein]

I believe that the retirement age is already scheduled to increase gradually from 65 to 67. But I think it would be irresponsible to rule out further increases in the retirement age, particularly if the average life expectancy continues to rise.

Let's not forget that when social security was first enacted, the typical recipient only received retirement benefits for a few years before dying. That's no longer the case. As recipients live longer, they receive social security payments over a longer period of time, and the net effect is that the overall size of the benefit paid to social security beficiaries has gone up.

Personally, I wouldn't be outraged if the retirement age for full social security benefits were gradually increased to 70. (For the record, I'm 35.) People who retire at age 65 could still receive benefits, but the annual benefit going to these people should be reduced to reflect the fact that, on average, they'll be receiving benefits over a longer period of time than those who retire later. A separate formula could be designed for blue collar workers or workers falling into other readily definable categories whose average life expectancy is lower.

Another option would be to allow people over 65 to draw a reduced social security benefit while they continue to work (and pay payroll taxes). There may already be a provision in the law that allows this, but this could be liberalized.