Fox Business panel calls raising the retirement age “the easiest solution” for Social Security
Fox host Todd Piro: “It makes sense to increase the age for people in my generation. ... I'm not planning on retiring at 62”
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From the May 29, 2025, edition of Fox Business' Mornings with Maria Bartiromo
MARIA BARTIROMO (FOX BUSINESS ANCHOR): We've got a new survey from the Reagan National Economic Forum revealing how Americans are viewing regulation and Social Security under a second Trump administration. Two-thirds of Republicans think America has too much regulation, hurting prosperity, jobs, and competitiveness, while 76% of Democrats say the country needs more to protect public and ensure fairness. In terms of Social Security, 47% of Republicans say they wanna reduce benefits for future retirees. Seventy-three percent of Democrats, though, prefer raising taxes instead. Todd Piro, your reaction?
TODD PIRO (FOX HOST): I mean, I once spoke to my tax professor in law school, he will go unnamed, and I said, it makes sense to increase the age for people in my generation. Like, I'm not planning on retiring at 62. That's 15 years from now, which is insane to me. But I'm planning on going longer and I think most people that I know are planning on going longer. The fact that so many — and I'm not saying for my parents. You know, they bought into the system when it was the current age group. I'm talking about for my generation. We have time to adjust, change it instead of, like, raising taxes on me now when I need that money to support my young family. It's insane to me that, that so many people on the left don't see that.
BARTIROMO: Why wouldn't they just extend the, the age? Why, you know —
MARK TEPPER (CEO, STRATEGIC WEALTH PARTNERS): Yeah, that's the easiest solution.
PIRO: That's the easiest solution.
BARTIROMO: I agree, wouldn't that be the easiest thing to do?
TEPPER: Well, when Social Security came out, I mean, people were living 3, 4, 5 years after receiving it, and then they check out of this world. I mean, average life expectancy is probably 90 years old at this point. So, you're receiving those benefits for a long period of time. And if nothing's done to fix Social Security within the next 10 years, because that's when the Trust Fund will be insolvent and completely depleted, everybody is gonna take a 17% pay cut on their Social Security benefits. So, I think there's better ways to do it without punishing everyone. The issue, guys, is that it's political suicide. Like, nobody can actually go after it and try to fix it without just completely ruining their political career.
BARTIROMO: Yeah. I mean, life expectancy is younger than that, I think, in America, but you're right. We are — more and more people are living longer.
TEPPER: I think once you make it to 65, though, it's likely that you make it to 90. Maybe not when you're born, but yeah.