Want to Reform Social Security? Raise the Retirement Age - Just Not at Once
Here is my proposal - every five years, raise the retirement age one year, until it matches life expectancy. In the long run this will cut back against the problem of having a large number of retirees supported by a small number of workers, without falling afoul of one of the original purposes of the program (supporting those who had unexpectedly outlived thier savings). Why gradual increase in retirement age? Because people count on social security, and we need to give them time to adjust their plans/expectations.