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In reply to the discussion: U.S. business executives call for raising retirement age to 70 [View all]wishlist
(2,795 posts)For those with chronic illnesses in their 60's , Social Security Disability claims and approvals would increase tremendously so raising the regular retirement age would not save as much as people think. But many more people who develop serious conditions and either try to continue work or die before ever applying would never get a penny back. Already at the current age requirements numerous friends and relatives of mine have died before getting much if any Social Security.
These recommendations are not fair or practical for average workers with limited finances and physically and/or mentally stressful jobs.
Best solutions are to simply increase income taxes on benefits drawn by wealthier and increasing Medicare premiums for wealthier plus raising payroll tax cap..