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Raising the retirement age?

For those of us rapidly approaching the 65 life-mile-marker and those already there. This is the 75th anniversary of FDR signing the Social Security Act into law.

But on Friday, the Social Security Trustees’ annual report stated this year — 2010 — is the first year Social Security takes in less in taxes than it pays out in benefits. Not to worry right away, the Social Security Trust Fund has enough dollars to pay out benefits in full until 2037.

Some members of Congress on both sides of the political party aisle are talking about raising the retirement age to keep Social Security in the black. For example House Majority Leader Steny Hoyer of Maryland and James Clyburn of South Carolina, both Democrats, talked as recently as June about raising the retirement age. House GOP Leader John Boehner of Ohio said last Sunday on “Meet the Press” (NBC) the retirement age may be needed to be raised from 67 to 70 to compensate for the expenditures vs. revenues.

So, what do you think?

And, by the way, happy birthday, Social Security.