EPI Vice President Ross Eisenbrey … outlined the problems with raising the retirement age in op-eds in USA Today and U.S. News and World Report, where he stated that raising the retirement age cuts benefits for all retirees, no matter when they retire. "The fact of the matter is that benefits are already less than modest," Eisenbrey wrote in the U.S. News piece. He stressed that, even with Social Security, 3.5 million seniors are already living below the poverty threshold.
The Huffington Post also quoted Eisenbrey describing how "the key sources of income retirees are relying on are either under attack, in the case of Social Security, or disappearing, in the case of traditional pensions."
"The early Boomers are better off than the late Boomers, and God help the poor Gen Xers. Seventy percent of them are on a track that leads to a fallen standard of living in retirement," said Eisenbrey.
CEOs making $1 million pay Social Security taxes on about 10% of their salaries; secretaries pay on 100%.