Business group proposes raising retirement age to 70

If you are one of the people who are counting down the days until work stops and retirement begins, then brace yourself for this piece of news: a group of business executives are proposing that the United States government delay offering Social Security benefits to Americans until they reach the age of 70.

As reported by Reuters news wire, The Business Roundtable, a group of chief executive officers from 200 of the country’s largest companies, are pushing congress and the White House to adopt radical austerity measures which will help balance the country’s economic books, and that means Baby Boomers and soon-to-be retirees are being asked to delay their retirement.

“We are calling on President Obama and Congress to look at our plan and enact a package of gradual changes that will provide economic and personal security for generations to come,” Gary Loveman, CEO of Caesars Entertainment Corp, told the news source.

The Business Roundtable estimated that making such changes to Social Security and Medicare could save as much as $300 Billion, which could go towards avoiding the U.S. debt ceiling.

What do you think about the possibility of delaying retirement until the age of 70, or retiring earlier, but without the Social Security funds? Tell us about it in the comments below.