Big changes are coming to Social Security in 2021. While these changes will not affect current Social Security recipients, they will impact people getting ready to retire in the coming years. Next year, the full retirement age will increase to age 70 from 67 for people born in 1960. It’s part of the Greenspan Commission’s Social Security Reform recommendation that started during the Reagan era.
This full retirement age increase is a good news/bad news situation, depending upon your retirement plans. As financial planner and Social Security expert Devin Carroll explains in this YouTube video, as the full retirement age increases, the penalty for filing early (age 62) goes up and the benefit for delaying goes down. He lays out some easy-to-understand examples, illustrating just how much your benefits will increase or decrease each month depending upon when you file. The bottom line is that at full retirement age you will still be eligible for 100% of your Social Security benefits just like always.
The Seniors Trust is working hard to get America’s retirees the expanded benefits they earned – and deserve. The Social Security Expansion Act is our opportunity to accomplish this mission. Please add your name to our petition which urges our elected representatives to pass this desperately needed piece of legislation before it’s too late.