For those of you so anxious to raise the retirement age on Social Security, remember this:
1. You have paid into this plan all your life; it's your money that is being deferred and denied. Most baby boomers will have paid into the fund $100,000 to $150,000 by age 65.
2. At age 65, you have an actuarial lifespan of 15 more years. Current law pushing baby boomers to age 67 means means losing two of those years of payback, effectively a 13% cut in your total SS benefits. Pushing the age to 68 means a 20% cut in total payouts.
3. Pushing your retirement to age 68 or 70 sounds good, but in an econmomy marked by high job turnover and folding companies, try getting a job at age 65.
4. If you have the misfortune of dying before those 15 years are up, you lose the balance of all that money you paid in.
That is why reform and personal accounts are so important. You can start drawing out on your schedule, and it's your money. If you die early, the family gets it, not the government and President Hillary Clinton or Majority Leader Reid or Speaker Pelosi. Remember, Republicans won't be in power forever.