Solving the long-term solvency problem of Social Security will mean Americans retiring later in life and receiving fewer benefits, according to one Wall Street tycoon who received $16 million in compensation in 2011.

Lloyd Blankfein, the enormously wealthy CEO of Goldman Sachs, recently told CBS News that “the retirement age has to be changed.” He also remarked that “maybe some of the benefits have to be affected; maybe some of the inflation adjustments have to be revised. But in general, entitlements have to be slowed down and contained.”

Blankfein, who owns $210 million worth of Goldman Sachs stock, defended his suggestions by claiming that “Social Security wasn’t devised to be a system that supported you for a 30-year retirement after a 25-year career.”

This remark prompted a big “huh” among many who saw Blankfein’s interview. A 25-year career? If most Americans only worked 25 years, that would mean they were retiring in their forties.

And if they spent at least 30 years in retirement, that would mean Americans are living until their mid-80s or mid-90s. The reality is that the average life expectancy of Americans is currently 78 years old.

-Noel Brinkerhoff

To Learn More:

Why Rich Guys Want To Raise The Retirement Age (by Ezra Klein, Washington Post)

You Think You're Getting Social Security But You're Not, Says Multimillionaire Banker (by Jim Naureckas, Fairness and Accuracy in Reporting)

Goldman Sachs CEO: Entitlements Must Be Contained (by Scott Pelley, CBS Evening News)

Goldman Sachs CEO Blankfein Hires Defense Lawyer (by David Wallechinsky and Noel Brinkerhoff, AllGov)

Obama Defends Bank CEO Bonuses (by Noel Brinkerhoff, AllGov)