Nikki Haley has a simple strategy for dealing with future Social Security funding shortfalls.
In an appearance on Bloomberg News on Thursday, the former South Carolina governor said: repeated her call Raise the retirement age for young people above 65.
In an interview, Haley, who is running for the 2024 Republican presidential election, accused Republican competitors of being unrealistic about the future of federal systems like Social Security, Medicare and Medicaid.
“A candidate who says he doesn’t touch his rights basically means he’s going to bankrupt America when he comes to power,” she said.
“Social Security will be bankrupt in ten years. Medicare will be bankrupt in eight years,” warned a former US ambassador to the United Nations. “So the way we deal with this issue is not to touch anyone’s severance pay or anyone who’s been promised a job, but people in their 20s like my kids are in this system. When I joined, I said the rules had changed.”
Haley said the retirement age should be raised to account for increased life expectancy, but declined to give an exact figure.
“I think we need to hit the numbers,” she said. “We need to figure out what it is, but what we do know is that 65 is too low and we need to increase it. We need to respond according to life expectancy.”
current federal government Regulation allows people You can start receiving Social Security benefits at age 62, but people born after 1960 are not eligible for full benefits until age 67. People become eligible for Medicare insurance when they turn 65.
Haley’s concerns about social security shortfalls are not unfounded.
In June, the Congressional Budget Office announced that the program’s trust will be exhausted by 2033.
shift the burden of social security shortfalls However, the impact on millennials and Gen Zers can have a significant economic impact on younger generations.
2021 survey results Boston University Center for Retirement Studies While average millennials’ wages are catching up with previous generations, their total wealth and retirement savings were shown to be inferior compared to their predecessors.
