GOP Senators May Make 69 Retirement Age

Key Senate Republicans are considering gradually raising the Social Security retirement age as high as 69 over several years as they struggle to jump-start legislation that President Bush has placed atop his second-term agenda, officials said Tuesday.

Under current law, the retirement age for full Social Security benefits is 65 1/2 and is scheduled to reach 67 for those born in 1960 or later.

By DAVID ESPO
The Associated Press
Tuesday, June 14, 2005; 8:48 PM

The Old and the Rested

Men in their 70’s raced on bikes for 40 kilometers in this month’s National Senior Games in Pittsburgh. A 68-year-old woman threw the discus 85 feet, and a 69-year-old man hurled the javelin nearly half the length of a football field.

Is it possible that people this age are still physically capable of putting in a full day’s work at the office?

By JOHN TIERNEY
New York Times
Published: June 14, 2005

In Overhaul of Social Security, Age Is the Elephant in the Room

Americans turning 65 this year can expect to live, on average, until they are 83, four and a half years longer than the typical 65-year-old could expect in 1940. And government actuaries predict that American life spans will just keep growing.

This demographic trend – by 2040, the average 65-year-old will live to about 85 – has major financial implications for Social Security and major political implications for the lawmakers now trying to overhaul the system.

By ROBIN TONER and DAVID E. ROSENBAUM
New York Times
Published: June 12, 2005

How public pension promises are draining state and city budgets

But underneath all that success is a looming fiscal crisis. In the past three years, Superintendent Thomas M. TenBrink has surgically cut $4.2 million out of his $39 million budget in a quest to keep Jenison the fiscally responsible district it has long been. He has instituted fees for participating in after-school sports and field trips. He eliminated 30 teaching spots, leaving the district with 287. He hasn’t bought a new textbook in three years.

Business Week
June 13, 2005

Grassley Battles in Capital, and at Home, on Social Security

There were questions about illegal immigrants and trade deficits, the price of gasoline and budget cuts in antidrug programs, ethanol as an alternative fuel and the new prescription drug program for the elderly – many questions, in fact, about health care. But there was only one question about Social Security, the issue that has, in recent months, consumed much of Washington’s political energy, and especially Mr. Grassley’s as chairman of the Senate Finance Committee.

By ROBIN TONER
New York Times
Published: June 4, 2005

Suddenly, millions of people are asking the same thing they asked about Social Security: will the benefits still be there when I retire?

How safe is your pension? After United Airlines dumped its plan last week—underfunded by $9.8 billion, the largest default ever—a collective shiver went down the backs of 36 million working stiffs. That’s the number of people planning on a fixed pension, funded by their employers and paying a monthly benefit for life. Suddenly, they’re asking the same thing they’ve asked about Social Security: will that benefit still be there when I retire?

By Jane Bryant Quinn
Newsweek
May 23, 2005

Korea: Government pushes new social security system for elderly

Government and ruling Uri Party officials said yesterday they have decided to set up long-term care insurance for senior citizens as early as 2007 in order to address the welfare needs brought on by the growing elderly population.

The Korea Herald
May 23, 2005

Democrat Plans a Social Security Bill

Breaking with party leaders, a Democratic congressman plans to introduce Social Security legislation, saying his first commitment is to his constituents.

The lawmaker, Representative Robert Wexler of Florida. said on Friday: “I have the largest amount of Social Security recipients of any Democrat anywhere in the country. My allegiance to seniors is greater than my allegiance to the Democratic Party.”

By THE ASSOCIATED PRESS
Published: May 14, 2005

New Panel Will Study Medicaid With Eyes Toward Big Changes

The Bush administration will create an advisory panel to recommend big changes in Medicaid eligibility and benefits and in the financing of the program, administration officials said Wednesday.

By Sept. 1, the panel is to recommend ways to save $10 billion in Medicaid, the federal-state program that insures more than 50 million low-income people.

By ROBERT PEAR
New York Times
Published: May 12, 2005

Playing the Numbers

The math behind Bush’s latest Social Security proposal.

Having trouble following the debate about how best to fix Social Security? Join the club. It gets confusing, despite President Bush’s barnstorming the country, as he did last week, stating what he considers a clear, simple case for change. His newest proposal to solve Social Security’s long-term financial woes—”progressive indexing”—is short enough to fit on a bumper sticker, but it isn’t an easy sell. Dig into the details, and you’ll see why.

By Allan Sloan
Newsweek
May 16, 2005