Index Social Security for Life Expectancy?

From The Limbaugh Institute:

"Key Senate Republicans are considering gradually raising the Social Security retirement age to as high as 69 over several years, as they struggle to jump-start legislation that President Bush has placed atop his second-term agenda. Under current law, the retirement age for full Social Security bits is 65 1/2 and is scheduled to reach 76 for those born in 1960 or later. The possible increase to 69 over two decades or more was among the suggestions made by Senator Charles Grassley, chairman of the Senate finance committee, and he presented these to fellow Republicans on his committee last week as part of an attempt to give the program greater financial solvency. Grassley also suggested steps to hold down benefits for the upper wage earners in the future. He spoke only on condition of anonymity saying the discussions were confidential."