3. Retirement Age Might Be Raised

At the present time, the full retirement age is 66 or 67, depending on the date you were born. However, a bipartisan group of legislators is looking to raise the retirement age to help shore up the budget deficit in Social Security benefits. This would be a pretty huge change.

Increasing the full retirement age to 70 would effectively reduce lifetime benefits by almost 20%, which is basically the deficit needed to solve Social Security’s financial issue before the funds run out in the next ten years. As elections approach, lawmakers aim for this summer to put forth proposals and debate them ahead of 2024 budget approval.