Social Security reduction factor: Raising the full retirement age
One of the most commonly suggested solutions by Republicans for fixing Social Security’s long-term cash shortfall is to increase the full retirement age. This is the time when eligible beneficiaries can receive their full retired worker benefit, as specified by their birth year.
If you start obtaining your entitlement at any point before you reach the full retirement age, you’ll be accepting a reduction to your monthly payout permanently.
But if you choose to wait until after your full retirement age to claim these benefits, you can receive over 100% of your total monthly use. The full retirement age has been slowly increasing, much slower than longevity.
People are starting to live longer. So today’s retirees can receive a Social Security benefit for much longer than their parents or grandparents did. Unfortunately, though, that has put a strain on the program.
To fix this issue, lawmakers could consider this Social Security reduction factor to gradually raise the full retirement age from its expected peak of 67 for those born in or after 1960 to 68, 69, or 70 years old.
Afterward, seniors would either accept a lower discount in their monthly payout by claiming early or wait a bit longer to receive their full benefit. Either way, this results in a reduced lifetime Social Security benefit.
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 !!!!!!
these provisions they’re considering should’ve been acted upon decades ago instead of waiting till the 11th hour to do anything about the situation! Furthermore, the fact that they didn’t lift the current ceiling on the income limit to tax higher income earners for their fairer share of SS taxes is just plain ineptness at it’s finest! And finally, instead of conniving ways to cut corners on the low income threshold portion of income earners by targeting the SS recipients, why aren’t we hearing more about cutting into these ridiculously high pension plans, and especially the ones that congressman get handed to them just for completing one term of office?!
Quit “Borrowing” from SS and pay back what was taken out.
Yes we are living longer but there are too many people getting SS that should not be!