Publisher's Synopsis
Excerpt from H. R. 4245, H. R. 4275, and Other Bills to Restore the Long-Term Solvency of Social Security: Hearing Before the Subcommittee on Social Security of the Committee on Ways and Means, House of Representatives, One Hundred Third Congress, Second Session; September 27, 1994
Gradual increase in the retirement age to age 70 by the year 2029 This provision would raise the normal retirement age from age 65 for persons who reach age 62 before the year 2000, by 2 months for each year after 1999 the a person reaches age 62 with the ultimate normal retirement age of 70 for those who reach age 62 in 2029 or later.
Reductions in benefits for early retirement This provision would modify reduction factors for retired-worker beneficiaries, aged - spouse beneficiaries, and widow and widower beneficiaries. This provision reflects the longer period of actuarial reduction in benefits that would occur as the result of continuing to allow early retirement at age 62 while raising the age of normal retirement to 60.
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