Republican presidential candidate Nikki Haley is once again advocating for raises to the full retirement age (FRA), in what she says is an effort to recover Social Security and Medicare insolvency and prevent rising debt.
Haley proposed increasing the retirement age for Gen Z and Millennial workers during an interview with Bloomberg Markets last week after the first GOP presidential debate in Milwaukee.
“The way we deal with it, is we don’t touch anyone’s retirement or anyone who’s been promised in, but we go to people like my kids in their twenties when they’re coming into the system, and we say the rules have changed,” the former United Nations Ambassador and South Carolina governor said.
When asked for specifics, Haley defined age 65 as “way too low” to be considered a full retirement age and said it would need to be raised to correlate with the average U.S. lifespan. She did not have an exact retirement age figure to share.
“We change retirement age to reflect life expectancy instead of cost-of-living increases. We do it based on inflation. We limit the benefits on the wealthy, and we expand Medicare Advantage plans,” the Republican hopeful said.
Currently, the full retirement age is 66 years and two months for those born in 1955, and 67 for those born in 1960 or later.
While the idea of raising the full retirement age isn’t new, it is unpopular, a March 2023 polling from Quinnipiac found. According to the findings, nearly 80% of respondents opposed raising the retirement age to 70 years old. Specifically, 77% of Republicans, 81% of Democrats, and 75% of independents objected to upping the age.
Haley, who is currently placing fifth among Republican primary voters, previously called for lifting the retirement age and expanding Medicare Advantage during an Iowa town hall meeting in March.
Republican candidates chime in
In the interview with Bloomberg, Haley slammed her GOP candidates for being naïve on the future of the entitlement programs, adding that those who “say they’re not going to touch entitlements means they’re basically going to go into office and then leave America bankrupt.”
Yet, Haley isn’t the first to call out her competitors on the rising issue. Earlier in August, Republican presidential candidate and former New Jersey Governor Chris Christie accused his fellow candidates of being silent on matters involving Social Security insolvency, calling the lack of response “ridiculous.” Christie also emphasized that without proper action, the country’s $32 trillion national debt will only build up.
Like Haley, Christie believes in upping the eligibility age for Social Security, but only for those in their mid-40s or younger.
“We’re raising the eligibility age for Social Security. If they can’t plan over the next 30 to 35 years for that eventuality, they got bigger problems than raising the Social Security age,” he said. “We can’t do it to people in their in their 50s, 60s or 70s. It’s too late for them to appropriately plan.”
Christie also advocated for thorough testing, noting that America’s wealthiest—like billionaires Elon Musk, Mark Zuckerberg, and Jamie Dimon—do not need Social Security benefits. He opposed raising taxes for Americans, adding that taxes “are already too high” and he doesn’t think increases “should be on the table.”
Aside from Haley and Christie, former U.S. Vice President Mike Pence has made comments on Social Security’s insolvency, calling for “common sense and compassionate solutions,” to reform the program.
The rising calls to action on Social Security and entitlement programs echo what will likely be a contentious and watchful topic leading up to the 2024 presidential election, especially as more Americans look to the federal government to reform insolvency. A recent Committee for a Responsible Federal Budget report shows that absent action from lawmakers, a typical couple would face a $17,400 cut to their annual Social Security benefits in 2033 if that 23% benefit cut were to happen.
“Any 2024 presidential candidate who pledges not to touch Social Security is implicitly endorsing a 23% across-the-board benefit cut for the 70 million retirees when the Social Security retirement trust fund reaches insolvency in just a decade,” the CRFB report concluded.
SEE ALSO:
- Chris Christie: Politicians ‘Liars and Cowards’ for Not Addressing Social Security Crisis
- Nikki Haley Proposes Changing Retirement Age
- Median Age in America Hits Record High
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
