PITTSBURGH (KDKA) — An influential committee within the House Republican Conference is recommending an increase in the Social Security retirement age.
As KDKA-TV political editor Jon Delano reports, this is getting strong push-back from some.
Social Security is in trouble. In less than 10 years, 2033, beneficiaries will take a cut, receiving about 75 to 80 percent of current monthly benefits.
“Social Security needs to be reformed, and the sooner the better,” said Max Richtman, CEO of the National Committee to Preserve Social Security & Medicare.
Everyone agrees on that, but how to reform it is hotly debated.
On Wednesday, the Republican Study Committee, which represents nearly 80 percent of House Republicans, including local Congressmen Mike Kelly and Guy Reschenthaler, said it was time to raise the retirement age for today’s younger workers and phase out benefits for high-income earners while insisting, “The RSC budget does not cut or delay retirement benefits for any senior in or near retirement.”
This brought a sharp rebuttal from Richtman.
“A raise in the retirement age is a reduction in benefits,” Richtman said. “As a beneficiary, you’re going to receive less money during the time you are a beneficiary than you would otherwise.”
Richtman also opposes denying wealthy retirees what they’ve earned in taxes, saying Social Security retirement is not a means-tested program.
“You’re basically changing an earned benefit program into a welfare program,” Richtman said.
Is there another approach? Right now, those who earn more than $168,600 are not taxed for Social Security on the earnings above that amount.
Many think that the cap should be lifted. President Joe Biden, who opposes raising the retirement age and cutting benefits, would lift the cap but only for those who make over $400,000.
KDKA-TV reached out to both Kelly and Reschenthaler on whether they support their GOP Study Committee’s recommendations but did not hear back.