Filed Under:Life Insurance, Life Planning Strategies

Social Security: 68 Could Be the New 65

WASHINGTON BUREAU -- Members of a federal deficit-fighting panel may say Congress should raise the normal Social Security retirement age to 68 and reduce annual cost-of-living increases.

The panel, the National Commission on Fiscal Responsibility and Reform, is also thinking about calling for tough Medicare cost curbs, a 3-year federal salary freeze, a ban on congressional earmarks, and studies on the idea of limiting the home mortgage interest deduction and reducing spending on defense and federal farm subsidies.

home equity loans and for mortgages exceeding $500,000.

The proposed defense spending cuts could total $100 billion per year by 2015, and the farm subsidy cuts could amount to $3 billion per year.

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Nichole Morford

Nichole Morford
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