By Jim Melwert
PHILADELPHIA (CBS) — A group of top business executives is proposing reforms to Social Security and Medicare, including an increase in the retirement age.
The proposal comes from the Business Roundtable, a group of more than 200 chief executives from some of the largest U.S. corporations.
They would like to see the enrollment age for both Social Security and Medicare raised to 70.
But AARP legislative policy director David Certner says most Americans are already retiring at age 62 with a reduced benefit of only about $20,000 a year.
“We’re somewhat disappointed with their recommendations,” Certner says. “We understand how important Social Security and Medicare are to seniors today. And unfortunately many of them are one, not able to even find jobs, or in no physical conditions to work jobs until age 70.”
Under the Business Roundtable’s plan, the higher retirement age would be phased in affecting those now 55 and younger.
But 29-year-old Kevin Walter from Kensington says he’s not banking on any government benefits for his retirement.
“I never planned on retiring as early as it set right now,” he says, “so working to that point is always been one of my plans anyway.”
The plan would also peg Social Security cost of living to a lower inflation gauge, and raise Medicare charges for wealthier beneficiaries.