Raising The Retirement Age

From the Social Security Administration website: Age To Receive Full Social Security Retirement Benefits

Here’s how it works. If your full retirement age is 67, the reduction for starting your benefits at

• 62 is about 30 percent;
• age 63 is about 25 percent;
• age 64 is about 20 percent;
• age 65 is about 13 and 1/3 percent; and
• age 66 is about 6 and 2/3 percent.

They are cutting benefits without admitting to doing it, and they have admitted that they are aware that Social Security and Medicare have no affect on the deficit. Both are covered by a separate tax and budget system. The most important thing that can be done for these programs is to get people back to work as soon as possible.

The only possible “tweak” needed for the Social Security system to maintain the status quo forever is to raise the cap.

Medicare does need work, primarily in two areas: Part C – Medicare Advantage and Part D – the Prescription Drug benefit.

Part C should be eliminated as it is not as efficient as the traditional system and it is more expensive. The reason is simple – private, for-profit health insurance companies are involved and not one of them is as efficient as traditional Medicare. Some will point out the additional services available under Medicare Advantage plans, but they aren’t universally available to all Medicare recipients, and they cost the program more per recipient. The extra features can be obtained by private Medigap insurance with the costs borne by those that want them.

Part D should be rolled in with other existing government programs, like the VA and the DoD Tricare system, and negotiate for drug pricing as one group. The fragmented system just increases costs and injects private insurance companies into the process without adding any value. This isn’t about bailing out private corporations, most of whom are now foreign owned, it is about providing medication to people who need it at the best price… you know – capitalism.