Updated: Wed, 16 Jan 2013 11:43:55 GMT | By Stephen OhlemacHer, The Associated Press, thecanadianpress.com

Business CEOs call for raising retirement age

WASHINGTON - An influential group of business executives is pushing a plan to increase the full retirement age to 70 for both Social Security and Medicare and to partially privatize the health insurance program for older Americans.

FILE - In this June 5, 2012 file photo, Gary Loveman, chairman, CEO and president of Caesar's Entertainment, speaks in Boston. An influential group of business CEOs chaired by Loveman is pushing a plan to gradually increase the full retirement age to 70 for both Social Security and Medicare and to partially privatize the health insurance program for older Americans. (AP Photo/Stephan Savoia, File)

The Business Roundtable's plan would protect those 55 and older from cuts but younger workers would face significant changes. The plan unveiled Wednesday would result in smaller annual benefit increases for Social Security recipients. Initial benefits for wealthy retirees would also be smaller.

Medicare recipients would be able to enrol in the traditional program or in private plans that could adjust premiums based on age and health status.

The proposal puts the CEOs at odds with many groups that lobby on behalf of older Americans.