Haven't studied the proposals in detail, but seems to me most if not all of the past proposals made have carved out exemptions for people close to or already in retirement. Typically they propose changes in the systems that would affect future retirees giving the still working younger folks plenty of time to adjust to the new system before they get to the point of having to use them. One thing most politicians are not stupid about is where the votes come from, and the retired crowd is a fairly large, vocal and active voter base. They're sensitive to this and for that reason I'm usually not very concerned about proposed changes to things like Medicare, Social Security, or retirement investments.