Rep. Nick Smith, R-Mich., yesterday introduced ``The Social Security Solvency Act,'' a bill to bolster the Social Security system by letting workers invest a large part of their taxes in the stock markets, cutting benefits for rich older Americans, and raising the age at which workers will be eligible to collect benefits.
The legislation, H.R. 3758, would let workers invest between 1.81% and 10.11% of their Social Security taxes into the stock markets through a new private investment account. It also would pare benefits for retired Americans who already have received more than they put into the system, including the compounded interest on their taxes. And finally, it would raise the early retirement age at which workers can collect part of their benefits to 65 from 62, and raise the retirement age to 69 from 65. Under current law, the retirement age is scheduled to go up to 67 early next century.
