Social Security Retirement Age Increase Pushed by House Republicans

By Leira Aquino

Mar 20, 2024 09:55 PM EDT

Social Security
House Republicans’ largest caucus has called for an increase in Social Security retirement age.
(Photo : Kevin Dietsch/Getty Images)

The Republican Study Committee (RSC), representing nearly 80% of House Republicans, unveiled Wednesday a budget proposal calling for an increase in the Social Security retirement age. 

The proposal suggests tying the retirement age to life expectancy, a measure aimed at addressing the looming insolvency of the Social Security fund.

Republicans Urge to Raise Retirement Age for Social Security

The RSC budget proposal did not provide specific details regarding the proposed increase in the retirement age but emphasized the need to adjust it for individuals not near retirement, citing increases in life expectancy. 

Additionally, the budget suggests limiting and gradually phasing out auxiliary benefits for high-income earners.

Concerns about the financial stability of the Social Security fund have been repeatedly raised by the RSC, which called for bipartisan efforts to address the issue. 

The proposal highlights the urgency of the situation, stating, "With insolvency approaching in the 10-year budget window, Congress has a moral and practical obligation to address the problems with Social Security."

While the RSC's budget report focuses on Social Security reform, it also criticizes President Joe Biden's tax policies, particularly his proposed tax hikes for the wealthiest Americans. 

READ NEXT: Joe Biden Uses Donald Trump's Signature Phrase 'Make America Great Again' to Promote His Tax Proposals 

RSC's Call Sparks Potential White House Clash

The release of the budget sets the stage for a potential clash with the White House, as President Biden has adamantly opposed any cuts to Social Security benefits. 

During his recent State of the Union address, Biden asserted his stance against any attempts to reduce Social Security or Medicare benefits or to increase the retirement age.

Former President Donald Trump, meanwhile, has recently renewed his vow not to cut Social Security or Medicare. 

This pledge comes after Biden responded to a recent comment by the former president, where Trump hinted at the possibility of making cuts to the entitlement programs as a measure to address the tens of trillions of dollars in national debt.

Trump has also previously expressed opposition to raising the retirement age.

In addition to Social Security reform, the RSC budget endorses other conservative initiatives, including restructuring Medicare into a premium support model and rolling back certain provisions of the Affordable Care Act.

Medicare is anticipated to face insolvency by 2028, with Social Security expected to follow suit by 2033. Without additional revenue, benefits will be subject to mandatory reductions after these dates.

READ MORE: Donald Trump Vows to 'Never' Cut Social Security or Medicare After Joe Biden Exploits 'Cutting' Comment

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