The deficit-reduction commission appointed by President Barack Obama has proposed cutting Social Security costs by raising the age at which people can begin receiving benefits to 68 from 62 by 2050 and to 69 by 2075.

Those who are physically unable to continue working after the age of 67 would be exempted from the raise.

TIME SENSITIVE: Bad News for Social Security Recipients

The proposals are designed to reduce deficits that have swelled to more than 9 percent of total U.S. economic output. They include benefit increases for minimum-wage workers, but those now 27 and younger would receive fewer benefits if the benefit age is raised compared to what they'd get under current law, MarketWatch reports.

Moreover, because the portion of higher-income earners’ wages subject to taxes would be increased and a lower portion of their earnings would replaced by their Social Security benefits, they would receive less as well.

If the proposal is accepted, the amount of high-earners’ earnings taxed would rise to 90 percent from 86 percent by 2050, and the reduction in benefits would be phased in over the next 20 years.

It’s not yet clear if all the changes proposed will make it into the final draft by the Dec. 1 deadline. Those interested in tracking the report’s progress can do so by logging in to www.fiscalcommission.com.

The L.A. Times reports that business leaders are less critical of the commission’s preliminary report than are labor unions, the politically liberal and some Democratic members of Congress.

TIME SENSITIVE: Bad News for Social Security Recipients