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New bill would lower Social Security retirement age for some workers
CBS News • • nation
Key Points:
- Rep. Haley Stevens introduced the Blue Collar Social Security Fairness Act to lower the retirement age to 60 for workers in physically demanding jobs, allowing them to claim full Social Security benefits seven years earlier than the current age of 67.
- The bill proposes a points system based on years worked in qualifying blue-collar jobs and age, requiring at least 15 points or 20 years of work in such occupations to qualify for early retirement.
- The Social Security Administration would maintain and update a list of qualifying physically demanding jobs every three years, ensuring the program targets appropriate workers.
- The legislation emerges amid concerns about Social Security’s financial sustainability, with projections indicating potential insolvency by 2032 and possible benefit cuts exceeding 20%.
- Other proposals to strengthen Social Security include eliminating the income cap on payroll taxes and raising the payroll tax rate, with bipartisan support for taxing higher earners more equitably.
