Hard fiscal choices are looming on the horizon according to the preliminary report released today by the National Commission on Fiscal Responsibility and Reform. The bipartisan commission, established by the White House, set out to examine ways to reduce the federal deficit through spending cuts and took large swings at sacrosanct topics that affect Baby Boomers and seniors: Retirement and Medicare. The commission outlined 58 ideas on how to save money that would affect every American if all of the ideas were implemented. One of the ideas addressed by the commission recommended that the retirement age gradually rise to 68 around 2050 and 69 by 2075 and retirees could see further reductions in benefits if they are wealthier. The commission recommended that the retirement age be indexed against longevity measures so retirement age would increase as life expectancy rises. The plan also targets $85 billion in cost reductions by expanding Medicare cost sharing and capping catastrophic care benefits.
To see the full list of ideas, visit: Ideas by the National Commission on Fiscal Responsibility and Reform
For the overview, visit: National Commission on Fiscal Responsibility and Reform Overview