OPINION:
As the Social Security system is fast approaching a point of crisis — being unable to pay the full amount of promised benefits to retirees — politicians are floating potential solutions.
The Democratic Party in which I am a registered voter is asserting with alarm that one Republican reform proposal is to raise to 70 the age at which one may receive full benefits. If this is indeed a serious plan, I support it.
The Social Security system was initiated in 1935. In that year, the life expectancy for men was 60 and for women, 64. The age at which one could garner full benefits was 65. Thus, most potential beneficiaries were projected not to live long enough to collect a dime in benefits. Today, the life expectancy for men is 77, and for women, 82.
Despite reforms made in 1983 under President Ronald Reagan to preserve Social Security, the system could not possibly remain solvent, given increases in life expectancy. Projections indicate that by 2035, the system will have too little revenue to operate as planned. That may happen sooner, given the vastly higher benefit payments ensuing from the high rate of inflation.
I wholeheartedly endorse legislation that would phase in an age raise for the garnering of full Social Security benefits. I would advise Republicans to educate the American people as to the dire consequences that will ensue if no action is taken to tighten eligibility.
The longer we wait to address Social Security’s weaknesses, the more severe the pain shall be.
OREN SPIEGLER
Peters Township, Pennsylvania
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