Social Security reduction factor: Link benefits to longevity
Another Social Security reduction factor that’s very similar to the idea of raising the full retirement age is linking benefits to longevity. What does that mean?
Instead of just picking a number out of thin air and saying that by 2040, the full retirement age will be 70, lawmakers would index the full retirement age to US life expectancies so that it changes yearly to mirror increasing or decreasing longevity.
The benefit of this is that this method would get rid of the possibility of life expectancy outdistancing the increase in full retirement age, as we’ve seen for many years now.
Furthermore, linking benefits to longevity will allow lawmakers to make adjustments when delayed-retirement credits max out, which is currently at 70.
Or, if retirees are willing to wait long enough, they could still earn over 100% of their monthly payout, just like under the existing system.
Ultimately, though, progressively linking benefits to longevity would reduce the time beneficiaries could collect a payout, reducing their lifetime benefit.
10 Responses
Are you fear mongering? Are you a senior! you know this first hand? Do you have a solution? If Not why are you scaring senior. You will be senior like it or not? Are you prepared?
you or such a hateful person to scare old people? What is wrong with you? out of ideas for article? Or you just a Democrate. They were the first one to try to take ss away? Tell the truth Be sure old people know this.It will last until you need SS and then gone? What will you do? better get rich quick!
It’s never been democrats that try to get rid of your social security their the ones that greated social security it’s the traitors that call themselves patriots and republicans that want to take your social security. Franklin Delano Roosevelt was the president that gave us social security a democratic president. And your republicans have been trying to get rid of it for one reason, they want to make the billionaires they work for get that money so that those billionaires can help them get richer and stay in power in Washington. People learn history so you don’t get your mind living on right wing lies.
Edith,
You immediately went to the political jibe. If you are a senior now, chances are you were part of the “Woman’s Lib,” “Free Love”, mind-expanding through drugs, etc., etc.,
Channel that inner peace, and become part of the SOLUTION!
Trump the traitor
Would it help solvency if the government were to repay the amount it has borrowed from the fund?
there is no “next” to click
If the government would stop putting their hand in Social Securities till, most of these problems would go away….I paid my whole life into this program….it is a no brainer….it is my money!
Thanks for the info. I am 75 now. do you think I will be affected by all any of these solution?
I did not notice in the plans where Congress plans to repay what they have “borrowed” through the years and not repaid. Biden/Harris recently tapped MEDICARE like it was their personal piggy bank for one of their pet projects !!!! Maybe #1 concern: PROTECT FROM POLITICIANS !!!!!!