To keep Social Security solvent, Congress should start by increasing the normal Social Security retirement age, a top actuary testified today on Capitol Hill.
Thomas Terry, chairperson of the public interest committee at the American Academy of Actuaries (AAA), Washington, appeared at a hearing on Social Security program finances organized by the House Ways and Means Committee’s Social Security subcommittee.
Actuaries started the AAA to give policymakers help with actuarial analysis.
Traditionally, the AAA has not taken positions on major policy debates, but, because of concerns about the long-range solvency of Social Security, the group decided in 2008 to advocate for a position for the first time, Terry said, according to a written version of testimony.
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The position is a call for increasing the Social Security retirement age.
“Actuaries believed it was necessary to strongly recommend for the expeditious consideration of an adjustment to the Social Security program to help put it on a path toward sustainable solvency,” Terry said.
Social Security program trustees have been warning that the program is out of actuarial balance for more than two decades, and that means, that, as soon as 2036, the program may be unable to pay benefits in
full in a timely fashion, Terry said.