The Business Roundtable, an association of CEOs from the some of the largest U.S. companies, thinks the retirement age should be raised to 70.
The group wants to gradually raise the full retirement age to 70 for both Social Security and Medicare and to partially privatize the health insurance for older Americans.
Todd Roberson from the Indiana University Kelley School of Business said a move like this is inevitable.
"When Social Security was instituted people lived to be about 65 years old," Roberson said. "Today women are living to 80 years old and men are not far behind. That's really driving it more than anything else."
The proposed changes would affect some people who are already retired, and the AARP will be keeping a watchful eye to make sure they are protected.
"This is not just numbers on a ledger for the books of our country," said State AARP Director June Lyle. "These are real people's lives, and we need to keep that in the forefront as we talk about these possible changes."
The Business Roundtable plan would protect workers who are 55 years and older from any cuts, but there would be significant changes for younger workers.
Brett Wolfsie, 26, who manages a pretzel stand at City Market, said he embraces the changes ahead.
"The older generation can retire earlier because that was the way they were raised, but our generation, we're living longer, so we can push back our retirement dates," Wolfsie said.
Maintenance worker Sam Nicholson said he is opposed to raising the retirement age.
"I think that is outrageous. It is. It's just ridiculous," Nicholson said. "A lot of people's bodies aren't built for it anymore. I think it's a bunch of bull. "
Business Roundtable President John Engle said the recommendations are based on what's best for the country.