Wexler Opposes Proposal to Rais Retirement Age

Wexler Opposes Proposal to Rais Retirement Age

Congressman Robert Wexler (D-FL) expressed strong opposition to Senator Charles Grassley's, Chairman of the Senate Finance Committee, proposal to raise the retirement age for America's seniors in order to help shore up Social Security's solvency. Grassley's proposal would raise the retirement age to 69, and would be phased in over the next two decades or more depending on future demographic trends. Currently, seniors are able collect their full Social Security benefits when they are 65 and six months of age, however the retirement age is gradually rising to 67 for those individuals born in 1960 or thereafter.

"I strongly oppose any plan that raises the retirement age in order to address Social Security's long term fiscal health. Americans overwhelmingly oppose this proposal that coupled with the President's substantial benefit cuts will only hurt hard-working Americans who deserve retirement security.

"Instead of raising the retirement age or placing workers' hard earned money in risky private accounts, Congress should enact a plan that lifts the cap on taxable earnings, which will guarantee Americans 100 percent of their promised benefits and close the entire social security funding gap. My proposal, the Social Security Forever Act, renews our long standing commitment to preserve and protect benefits for today's retirees and future generations of Americans, Wexler said."

On May 18, Wexler introduced the Social Security Forever Act of 2005 - guaranteeing all Americans 100 percent of their Social Security benefits upon retirement, while not raising the retirement age. Wexler's legislation will impose a 3 percent payroll tax on wages above $90,000, with an employer match. The proposal also institutes a pay-as-you-go "paygo" budget measure that will help to reduce future debt and safeguard the Social Security Trust Fund by requiring future Congresses to pay dollar for dollar for any new tax cuts or spending programs they enact.

http://www.wexler.house.gov/pressreleases/061505.htm