An influential group of CEOs is calling to raise the retirement age for Social Security and Medicare benefits.

The Business Roundtable plans to urge Congress to raise the retirement age to 70 and partially privatize health insurance for older Americans.

They say it would protect those 55 and older from cuts. But the plan could mean significant changes for younger workers and smaller annual benefit increases for all.

Medicare recipients would have the option to enroll in the traditional program or a private plan.

"America can preserve the health and retirement safety net and rein in long-term spending growth by modernizing Medicare and Social Security in a way that addresses America's new fiscal and demographic realities," said Gary Loveman, chairman, president and chief executive of casino giant Caesars Entertainment Corp.