Friday, March 11, 2011

Rep. Lummis introduces Social Security plan

Rep Cynthia Lummis of Wyoming has introduced a Social Security reform plan that would gradually increase the full retirement age from 67 to 70 for individuals born today. Here's how it would affect individual by current age:

  • Today's 50-year-olds and those older: NO CHANGE FROM CURRENT LAW
  • Today's 49-year-olds – Retirement age increase: 1 month
  • Today's 35-year-olds – Retirement age increase: 1 year
  • Today's 19-year-olds – Retirement age increase: 2 years
  • Today's 4-year-olds – Retirement age increase: 3 years

Click here to read an AP blurb on the plan.

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