U.S. Senator Rand Paul (R-KY) proposed a bill this week to gradually raise the age to receive Social Security benefits to 70.
(Americans can start receiving the retirement benefits as early as 62, but their benefit amount will be reduced if they start before their full retirement age which is either 66 or 67, depending on the year they were born.)
Paul’s proposal was a reaction to the passing of the Social Security Fairness Act in November (which he voted against) which eliminated two provisions including the Government Pension Offset (GPO), which limited Social Security benefits for people who receive pensions from government and public service jobs.
Paul, 61, argued that “Social Security is due to go bankrupt in 2034,” and that the Fairness Act will “will speed it up by a year or so. It’s $200 billion added to a program that is already short of money.”
Paul’s amendment failed to win the 60 votes needed to pass (93-3). The other two Senators who supported the amendment were Republicans Mike Lee of Utah, 53, and Cynthia Lummis of Wyoming, who just turned 70 in September.
Sen. Rand Paul’s amendment to raise Social Security retirement age to 70 fails by a vote of 3-93.
Sen. Schumer: “Came close. Came close.” pic.twitter.com/QnEkVMR9NO
— Jeremy Art (@cspanJeremy) December 21, 2024
As heard in the video above, when the votes on Paul’s amendment was read, Senator Minority Leader Chuck Schumer, 74, is heard saying sarcastically, “Came close.”