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Thursday
Jan172013

CEOs Propose Hiking Retirement Age for Benefits

Comstock/Thinkstock(NEW YORK) -- Some of the most affluent Americans in the country believe that the rest of us should work until we're at least 70 years old.

Chief executive officers who belong to an organization known as the Business Roundtable have issued a proposal that U.S. workers should not be able to benefit from the two sacred cow entitlements, Social Security and Medicare, until they turn 70.

Their reasoning is that Social Security and Medicare won't be able to sustain the ever-expanding number of people planning to get benefits at age 65.

The Business Roundtable contends its new recommendation wouldn't affect anyone currently 55 or older but if you fall under that age bracket, the CEOs say that Social Security checks for future retirees should be reduced.

Meanwhile, the group says that it would be better if Medicare was voluntary and that health benefits ought to be at least partially privatized.

John Engler, president of the Business Roundtable, adds, "Implementing changes now and implementing them gradually over a long period of time realizes dramatic savings down the road without putting an impact on individuals."

Copyright 2013 ABC News Radio