The June 2012 AARP Bulletin has an article called “Time for a Tune-Up” that discusses potential improvements to the Social Security program. One of the suggestions is raising the full retirement age from 67 to 68 or 70. The increases supposedly would result in savings of 18% and 44% respectively, and the justification is increasing life expectancy.
The article cautions that, “a later full retirement age could be onerous for workers with health problems or physically demanding jobs.” However, that concern is already taken into consideration. People who can no longer work due to health reasons can seek disability instead of retirement benefits from Social Security. Moreover, there are certain rules that make it somewhat easier for workers who have more physically demanding jobs to get Social Security Disability benefits.