Obama's Social Security Answer Leaves Democrats Utterly Baffled

The Social Security reforms enacted in 1983:

That package implements over many years changes that ultimately cut benefits about 19 percent. The biggest change, by far, is an increase in the age when full benefits are available, from 65 to 67 in 2022. At that point, benefits claimed at ages 65 or 66 will be about 13 percent lower than they would had the retirement age not been boosted.

Here's an example of what happens when the full retirement age rises. If you were born between 1943 and 1954, your full retirement age is 66. "If you decided to take benefits early at 65, you would no longer get a full benefit, but a fraction of a full benefit," explains Virginia Reno, vice president for income security at the National Academy of Social Insurance (NASI). "On the other hand, by waiting until 66, you used to get more than a full benefit when the full retirement age was 65--now you don't."

The Obama commission calls for increasing Social Security's full and early retirement ages, "based on increases in life expectancy." The changes would effectively reset full retirement age to 68 by 2050 and 69 by 2075; the early retirement age would rise to 63 and 64 in those same years.

That approach may sound reasonable and gradual, but it's not if you're age 29 or younger. You'll bear the brunt not only of the 1983 cuts, but yet another round of reductions on the order of 20 percent.
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