Consensus Growing to Raise Social Security Eligibility Age?

Even discussing the possibility of changing any benefits associated with Social Security has long been thought of as the "third rail" of politics.

However, more and more politicians and commentators are beginning to signal that the age of "retirement" at which people are eligible for Social Security benefits may have to be increased from 65 to 70.

"Young Americans might not get full Social Security retirement benefits until they reach age 70 if some trial balloons that prominent lawmakers of both parties are floating become law.

No one who's slated to receive benefits in the next decade or two is likely to be affected, but there's a gentle, growing and unusually bipartisan push to raise the retirement age for full Social Security benefits for people born in the 1960s and after.

The suggestions are being taken seriously after decades when they were politically impossible because officials — and, increasingly, their constituents — are confronting the inescapable challenge of the nation's enormous debt.

Social Security was created in 1935 with a retirement age of 65, but since then life expectancy at that age has increased by about six years, according to the National Center for Health Statistics ."

Of course any change in the age of entitlement to Social Security benefits would have to be phased in to some degree.

Considering that the original "retirement age" for Social Security was the same as the average life span, this change would bring the eligibility age back in line with our expanding life spans.

But this change is just one of several to the Social Security system that will ultimately be necessary (means testing for recipients may eventually be needed) considering the precarious standing of Social Security's finances (which comes about primarily because of the declining ratio of worker to retiree) and the US budget deficit and spiraling public debt in general, but for now this would be a good start.