Okay. Since we all know that entitlements like Social Security are going to go bankrupt and we need to do something, here's a modest proposal I'm putting forth that will cost nothing, and will make sure that the program can continue to provide benefits.
It would not affect the current level of benefits for those who were born through 1965, which allows for full benefits for age 67, and partial benefits at 62. For those born in 1965-1979, increase the year that you can receive full benefits by one year (68/63). For every five years after, increase the year in which you can receive full benefits by one year.
From 1970-1975, 69/64;
From 1976-1980, 70/65;
From 1981-1985, 71/66;
From 1986-1990, 72/67;
From 1991-1995, 73/68;
From 1996-2000, 74/69; and
From 2001-2005, 75/70.
In other words, someone born in 1972 would have to 69 (or 64 to receive partial benefits). This adjustment would take into account the higher standards of living, the life expectancy, and maintain the solvency.
You could do variations on this - make the time frame 7 years or so, but every five years seems like a reasonable and easily calculable grouping.
It's so simple, and yet it's precisely why it wont get done.
This proposal means that those Baby Boomers who are first entering retirement age will not have to suddenly adjust to new more stringent requirements or face retirement without Social Security benefits as they had been preparing to do for years. Those born after 1965, since they have more time to prepare for retirement will have that much more time to build up their own retirement resources outside Social Security (401(k), 403(b), savings, etc.)
This would alleviate the need to reduce benefits, although depending on just how far out of balance the system is, benefits would have to be reduced to maintain solvency and bring the program back into the black.
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