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How Mitt Romney's new plan would change Social Security and Medicare

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Among the elements in Romney’s plan:

On Social Security, Romney would “gradually raise the retirement age to reflect increases in longevity and slow the growth in benefits for higher-income retirees.”

Similarly, Romney indicates a gradualism on Medicare.

“First, Medicare should not change for anyone in the program or soon to be in it,” he said in his speech Friday. “We should honor our commitments to our seniors.”

“Tomorrow’s seniors should have the freedom to choose what their health coverage looks like,” he continued. “Younger Americans today, when they turn 65, should have a choice between traditional Medicare and other private health-care plans that provide at least the same level of benefits ... as with Social Security, the eligibility age should slowly increase to keep pace with increases in longevity.”

Many of the details in Romney’s plan are yet to be revealed, but his political competitors were quick to weigh in.

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