Sen. Paul to propose Social Security reform bill to include means testing, raise retirement age

03/24/2011 05:18 PM

Freshman Sen. Rand Paul said he is working with two other Republican senators on a bill to restructure Social Security to “make it solvent for the next 75 years.”

It would include raising the retirement age for those who are 55 and younger. And it would require wealthier Americans to pay more into the Social Security system, Paul said.

The new ages to receive benefits and the thresholds for paying more into the retirement fund haven’t been set yet, Paul said. He and the two other Republican senators — Sen. Lindsey Graham of South Carolina and Mike Lee of Utah — are waiting to get numbers back from the Social Security administration, Paul said.

Paul later told reporters that Social Security benefits for people on the lower end of the socioeconomic spectrum.

- Ryan Alessi with video by Kyle Lizenby

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