Social Security No Plans to Raise Retirement Age to 72
Explore the latest updates on Social Security retirement age and learn why there are currently no plans to increase it to 72.
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Social Security Retirement Age: Talks about Social Security’s future are ongoing. But there are no plans to make people work until 72 to get retirement benefits. Currently, you can get full benefits at 66 years and 10 months if you were born in 1959. If you were born in 1960 or later, you will receive full retirement benefits at 67 years old.
Many things affect these decisions. For example, Generation X has about $150,000 saved for retirement on average. Furthermore, a third of younger baby boomers rely heavily on Social Security for their income.
To learn more about how these changes affect your benefits, read more here.
Social Security Retirement Age Key Takeaways
- No current plans to raise the Social Security retirement age to 72.
- Full retirement age for those born in 1959 is currently 66 years and 10 months.
- Those born in 1960 or later will have a full retirement age of 67.
- Gen X households have an average retirement savings of approximately $150,000.
- A significant portion of younger baby boomers relies heavily on Social Security benefits.
To learn more about the Social Security system, its performance, and its impact on retirees, visit this detailed article.
Recent Comments by Social Security Commissioner
Commissioner Frank Bisignano spoke with Maria Bartiromo on Fox Business. He discussed possible changes to Social Security. He stated that the idea of raising the retirement age is currently under consideration.
Bisignano then clarified his earlier statement. He said there’s no plan to make people work until 72. He wants to keep Social Security strong and protect benefits.
Bisignano also said any significant changes need Congress’s okay. He mentioned that the Social Security Trustees play a key role. They help determine if changes are effective.
For more details, refer to this article. You can also find more information here.
Proposals and Considerations for Social Security Retirement Age
Many discussions about changing Social Security take place in Congress. They want to keep it working well for the future. The Social Security Trustees say it might run out by 2034.
When it does, only payroll taxes will fund it. This could mean a significant cut in benefits. But Congress is working on solutions.
Some people would rather not raise the retirement age. They say it’s challenging for those in jobs that require a lot of strength. But some ideas are to make it 70.
Such an increase could be very beneficial, but it’s not easy. Every year, the cost goes up, while benefits decrease by 7 percent.
A bipartisan plan wants to add $1.5 trillion to Social Security. This is to keep benefits coming. It’s time-sensitive because Social Security might run out by 2034.
News like this is in Newsweek. It shows the different views and possible fixes.
The Social Security tax cap is $176,100 now. Some people think it should be increased to help fund it. They also talk about raising the tax rate to 16.05 percent.
Knowing when to take Social Security is important. Congress is looking at how to improve it for everyone.
The Republican Study Committee wants to adjust the retirement age a bit. They want to keep Social Security strong for the future. For more info, check House.gov.
Social Security Retirement Age Conclusion
Should we raise the age for getting Social Security? This question is significant for lawmakers and the public. The trust fund for the Old Age and Survivors Insurance (OASI) might run out by 2033. This makes fixing the program crucial.
The program needs $26.1 trillion over 75 years. The current age for getting Social Security is 67. Some say we should make it 69 or 70 to save money.
For example, raising the age to 69 could save $90 billion in 10 years. Making it 70 for those born in 1978 or later could save $122 billion by 2032. But these changes might hurt some older people, like those with lower incomes.
For more information, visit Stanford’s policy brief.
The last time we changed the age was from 2000 to 2023. It went from 65 to 67. This situation shows we need to change slowly to be fair.
People aged 65 today might live 20.6 more years. Therefore, we should make small changes. For more on this, read PGPF’s article.
Changing the age for Social Security affects many people. Any decision must consider everyone’s income and the country’s economy. For updates, check Network World News.
