How to adjust to going back to the office post-pandemic 1 in 5 gig drivers got unemployment at pandemic's peak Here are some smart financial moves for new parents Meanwhile, the House of Representatives last week approved a retirement bill that would push out the age for required minimum distributions on certain savings accounts to 75, up from the current age of 72.
To shore up the program, lawmakers have a choice of increasing taxes on benefits, raising payroll taxes or increasing the retirement age.
Of note, Social Security advocates are staunchly against tweaking the Social Security retirement ages.
"An increase in the full retirement age is just a benefit cut," said Joe Elsasser, founder and president of Covisum, a provider of Social Security claiming software.
How the retirement age could change President Ronald Reagan signs the Social Security Act Amendment into law on April 20, 1983.
Many experts expect that any future changes could push up the Social Security retirement age.
People of all ages should also plan for worst-case scenarios in which the program does reach a point where it can only pay a portion of benefits, which may prompt as much as a 24% benefit cut for retirees.
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Monday, April 4, 2022
Social Security’s retirement age is moving to 67. Some experts say that could go even higher
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