GOP Plan Will Slash Benefits

A Republican plan to control the rising cost of Social Security would gradually raise the retirement age and trim benefits for the top 70 percent of earners. The proposal, put forward by Wisconsin Rep. Paul Ryan, would cut the benefits middle-income Americans who turn 65 in 2050 by a quarter, wealthier Americans by a third—and by as much as half if they turn 65 in 2080. Things don’t look much better under other plans to overhaul social security. According to the chief actuary for the Social Security Administration, another plan under consideration, raising the retirement age by two months per year until it reaches age 70, would cut benefits by nearly 20 percent for anyone who turns 65 in 2050.