Why Your Kids Are Going To Have To Work Longer Than You Did
Remember the days when turning 65 meant you had reached retirement age? That is slowly inching up and chances are your kids – and anyone born in 1960 or later – will have to continue working until they are 67 years old. That’s if they want to receive their full retirement benefits.
As AARP explains it, full retirement age (FRA) is the age at which you are entitled to 100 percent of your Social Security benefits, which are determined by how much money you earned while working. You can start claiming your benefits sooner – as young as 62 – but then your monthly benefit payments will be less. On the flip side, if you put off retiring until you are older (up to age 70) you can increase your Social Security benefit amount. That’s because you earn delayed retirement credits for the time between when you reach full retirement age and when you actually stop working.
The Seniors Trust is working to ensure all seniors are able to retire and receive the benefits they earned. It is working hard to pass the Social Security Expansion Act which would increase monthly benefits, create a strong and lasting trust fund, guarantee every retired worker receives adequate Social Security benefits and a fair Cost-of-Living Adjustment (COLA), and increase minimum Social Security benefits in order to greatly reduce senior poverty.
When asked whether Congress should pass the Social Security Expansion Act to expand benefits and protect the financial security of retired Americans, a full 100 percent of those polled said YES. If you agree, please let lawmakers know by signing our petition.
