Increasing the Full Retirement Age Could Impact You in Several Ways
Social Security is facing a funding shortfall. One possible solvency solution being tossed around is upping the retirement age. According to a report by The Motley Fool, some lawmakers think increasing full retirement age from 67, what it is now for anyone born after 1960, to 69 could help prevent broad Social Security cuts.
If that were to happen, the biggest impact is quite obvious — Americans would have to work for two additional years. This could pose a challenge for people whose jobs require physical work.
Additionally, increasing the full retirement age means it could be harder to accrue delayed retirement credits. Right now, the article explains that “those are worth 8 percent per year your claim is delayed, and you can rack them up until you turn 70.”
The Seniors Trust is committed to improving the financial well-being of older Americans through the passage of the Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and ensure the long-term solvency of the Social Security program.
