Lawmakers consider plan to raise Social Security’s full retirement age to 70

Maine Independent Sen. Angus King and Sen. Bill Cassidy, a Republican from Louisiana, are leading a group of lawmakers in a proposal to raise the full retirement age to around 70 years old from 67, and create a sovereign-wealth fund that would help fund Social Security, according to a media report.

Among options being considered are changing the way Social Security calculates monthly benefits to reflect the number of years spent working and paying into Social Security, rather than the existing formula that calculates benefits…