The retirement age must be raised, said Lloyd Blankfein, CEO of Goldman Sachs, to CBS. "Social Security wasn't devised to be a system that supported you for a 30-year retirement after a 25-year career," he explained, taking some artistic license in mentioning a "30-year retirement" since the current retirement age is 65 but the current life expectancy is not 95 years.
Blankfein's larger point is one that's often made: It's only common sense to raise the retirement age for Social Security, people say, because life expectancy has risen since the program was founded.
But while life expectancy has risen 6 years for those at Blankfein's income level, it's risen only 1.3 years for the lower half of the income distribution since 1977, according to WaPo's Ezra Klein.
Klein writes that the people who argue loudest for raising the retirement age - politicians, pundits, and CEOs - won't feel the pain themselves. As he puts it, they "don't want to retire at age 65, and they don't have short life expectancies, and they're not mainly relying on Social Security for their retirement income. They're bravely advocating a cut they'll never feel."