Hagel Proposes Raising Social Security Age to 68

While the White House has set about stumping for Social Security overhaul in the form of private accounts, Sen. Chuck Hagel, R-Neb., has proposed raising the Social Security retirement age to 68. "We are living longer," Hagel said. "So when you look at the total universe of this, I think that makes some sense to extend the age." Hagel's plan, -- the first Social Security reform bill being introduced on the floor of the Senate in 2005 --would allow workers 45 and younger to keep their guaranteed Social Security account -- but set up a voluntary program of personal accounts that could supplement their retirement income. The new age requirement would go into effect in 2023. However, a radical component to Hagel's proposal would add a life expectancy formula to benefits calculations for retirees.