Senators are considering raising the retirement age to 70 and are looking at a $1.5 trillion investment fund to overhaul Social Security and stop funds running out by 2032
A group of bipartisan senators is quietly meeting to retool Social Security before funds run out in 2032
On the table, according to Semafor, is gradually raising the retirement age to 70 and creating a $1.5 trillion sovereign wealth fund, which would invest in stocks
Leading the efforts are Sens. Bill Cassidy, a Louisiana Republican, and Angus King, a Maine independent who caucuses with the Democrats
By Nikki Schwab, Senior U.S. Political Reporter For Dailymail.com
Published: 15:14 EST, 1 March 2023 | Updated: 18:29 EST, 1 March 2023
A group of bipartisan senators is quietly meeting to retool Social Security before funds run out in 2032.
On the table, according to Semafor, is gradually raising the retirement age to 70 and creating a $1.5 trillion sovereign wealth fund, which would invest in stocks.
That fund would be separate from the already existing Social Security Trust Fund. If it underperformed, Social Security would be shored up by increasing the maximum taxable income and payroll taxes.
Leading the efforts are Sens. Bill Cassidy, a Louisiana Republican, and Angus King, a Maine independent who caucuses with the Democrats.
Semafor and The Hill newspaper reported that other Republicans involved are Sens. John Cornyn, Mitt Romney and Mike Rounds.
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https://www.dailymail.co.uk/news/article-11808639/Senators-quietly-meeting-retool-Social-Security.html