NEW YORK (TheStreet) -- Social Security is not just a gray hair issue. Millennials are not only a major force as voters, but the massive generation now also comprises the majority of the American workforce. And one thing all workers take note of -- all of the deductions from our paychecks. We’re all paying into the Social Security system; the question is: What will we receive in return tomorrow for every dollar that’s taken out of our paycheck today? And when do we get our money back?
Republican presidential candidates are already stirring voters with talk of raising the national retirement age. Presidential candidate and Florida Governor Jeb Bush says Social Security benefits need to be delayed to age 68 or 70.
“So people that already have the supplemental retirement system, which is a contract, I don't think we violate that," Bush said Sunday on CBS's Face the Nation. "For people that are about ready to be beneficiaries of their supplemental retirement, I don't think we change that. But we need to look over the horizon and begin to phase in, over an extended period of time, going from [age] 65 to 68 or 70. And that by itself will help sustain the retirement system for anybody under the age of 40.”
Currently, the “normal retirement age” for full Social Security benefits is age 65 for those born in 1937 or before. For those born in 1938 and later, it rises in two-month increments -- to age 66 for those born from 1943 to 1954, and 67 for those born in 1960 or later. “Early retirement” for all Social Security recipients, with benefits reduced by as much as 30%, can begin at age 62.