Add a new “20-year benefit bump up” to protect those Social Security recipients who have potentially outlived their personal retirement resources. 

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The oldest old population – those over age 85 – is projected to expand rapidly over the coming decades, to 19 million in 2050.  To better insure against the risk of outliving one’s own retirement resources, the Commission proposes a new “20-year benefit bump-up” that offers a benefit enhancement, equal to 5 percent of the average benefit, 20 years after eligibility.  The enhancement is phased in over five years (1 percent per year).  Eligibility is defined by the earliest eligibility age (EEA) for retirees and the determination of disability for disabled workers. 

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Evidence:

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United States.  White House.  "The National Commission on Fiscal Responsibility and Reform."  December 2010