WASHINGTON (January 16, 2013)—The Business Roundtable, 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.

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 mean smaller annual benefit increases for Social Security recipients and initial benefits for wealthy retirees would also be smaller.

Medicare recipients would be able to enroll 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.