Republican Congressman Proposes Raising Retirement Age to Reduce Federal Debt

Republican Congressman Mark Alford has suggested increasing the retirement age as a measure to alleviate federal spending. Speaking on Fox News, the Missouri representative detailed discussions within the GOP, including meetings with Elon Musk and Vivek Ramaswamy, who will lead the upcoming Department of Government Efficiency (DOGE) under Donald Trump. These talks focused on strategies to reduce the $36 trillion national debt. United States Congress / Wikimedia

Alford argued that with Americans living longer and working later in life, adjusting the retirement age could be a viable option. Currently, the full retirement age is 67 for those born in 1960 or later, but Alford emphasized the need for “long-term” changes in programs like Social Security and Medicare. Marcus Aurelius / Pexels

He called the national debt and its interest payments "unsustainable," stating, "It's going to mean cuts to the 24 percent of the discretionary spending that we have, and it’s also going to mean looking long-term at the front end of some programs like Social Security and Medicare." RDNE Stock project / Pexels

Experts have raised concerns over such proposals. Stephen Kates, a principal financial analyst at RetireGuide.com, told Newsweek that increasing the retirement age could effectively reduce lifetime benefits, describing it as "a backward way of simplifying reducing benefits." He noted that claiming Social Security benefits at the earliest eligibility age of 62 already results in a 30% reduction compared to full retirement age benefits. Towfiqu barbhuiya / Pexels

Lisa Whitley, a financial coach at MoneyByLisa, also criticized the idea, telling Newsweek, "Raising the FRA [full retirement age] will only exacerbate the wealth gap between lower and higher-income households." She suggested alternative measures, such as removing the salary cap for FICA taxes, as more equitable ways to address the budget. Pixabay / Pexels

Although Alford did not specify a new retirement threshold, earlier proposals, like one from Rachel Greszler at the Heritage Foundation, have recommended raising it to 70. Such changes, coupled with broader discussions about Social Security and Medicare reform, reflect ongoing debates within Congress about addressing the nation’s fiscal challenges. Vlada Karpovich / Pexels

While Vivek Ramaswamy, co-leader of DOGE, recently shared with Axios that his primary focus is on reducing waste and fraud in federal programs, he emphasized that significant policy changes ultimately depend on the approval of voters and congressional representatives. Courtney Hergesheimer/Columbus Dispatch/USA TODAY Network / USA TODAY NETWORK via Imagn Images