Panel Offers Plan to Save Social Security

Members of Congress, business leaders and scholars proposed a plan to save the Social Security system from collapse in the 21st century by raising the retirement age to 70 and investing some funds in stocks, bonds or government securities. Members of the National Commission on Retirement Policy said they hope to submit legislation to Congress in 1999. The plan would raise the normal retirement age incrementally from 65 to 70 by the year 2029. Early eligibility age would increase from 62 to 65 by the year 2017. The plan would take two percentage points from the 12.4% payroll tax and invest that money in individual savings accounts.