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There is a growing push to raise the age at which individuals can start receiving Social Security retirement benefits from 67 to 68. This proposal has sparked a heated debate among policymakers, economists, and the general public.
Supporters of raising the retirement age argue that it is necessary to ensure the long-term sustainability of the Social Security program. With people living longer and healthier lives, the argument goes, it makes sense to adjust retirement age to reflect these demographic changes. Advocates also point to the financial strain that the aging population is placing on the Social Security system, and argue that raising the retirement age would help to alleviate some of that pressure.
Furthermore, supporters argue that raising the retirement age would encourage individuals to work longer, which in turn would contribute to a more productive workforce and economic growth. They also maintain that delaying retirement would enable individuals to build up larger retirement savings, thereby reducing their reliance on Social Security benefits.
On the other hand, opponents of raising the retirement age argue that it would disproportionately affect lower-income individuals, who tend to have shorter life expectancies and rely more heavily on Social Security for their retirement income. They contend that raising the retirement age would effectively cut benefits for these individuals, who may not have the option of working longer due to health or other factors.
Opponents also argue that raising the retirement age would exacerbate income inequality, as wealthier individuals are more likely to have the financial resources to continue working past the age of 67, while lower-income individuals may have no choice but to retire and start receiving Social Security benefits earlier.
In addition, opponents of raising the retirement age point out that many jobs become physically demanding as individuals age, and that not everyone is able to continue working at full capacity until the age of 68. They argue that this proposal fails to take into account the real-life challenges and limitations that older workers may face.
The debate over raising the Social Security retirement age is a complex and contentious one, with valid arguments on both sides. Ultimately, any decision regarding the retirement age must carefully consider the impact on all individuals, particularly those who are most vulnerable. It will be important for policymakers to weigh the potential benefits of raising the retirement age against the potential harm it may cause to certain segments of the population. Regardless of the final decision, it is clear that the issue of Social Security reform will continue to be a key focus for policymakers in the coming years.
When I was young and naive I saw no issue with raising the full retirement age. Now that I am older and wiser, I realize it is terrible for both the employee and the company. Even though I don't have a physically demanding job, there is no way at 65 I will have the productivity at that I did at 35 or 45. The solution is incredibly simple with 3 simple steps. 1. Remove the wage cap. 2. Increase employee withholding by 1%. 3. Increase employer withholding by 1.5%. This keeps the program in the green for at least the next 100 years.
At 65 and still working what is so funny is that when I was 21 the full retirement age was 65. We don't think about all this when we are young. I truly believe it will eventually be raised to age 70. It won't affect me, but it will affect my children and God only knows what our grandchildren will face. It hurts my soul to think about it.
As the average lifespan increases, they either need to increase SocSec taxes to cover the longer period of payouts [which people don't like] or they have to increase the retirement age [which people don't like.] They could reduce payments [which people don't like, but is going to happen in 2034 unless they do either of the 1st two.]
Brother they've done it already over in the UK where I live we used to get out pension at the age of 65 now it's 66 and then they're going to bang it up to 68 talk about being screwed
SS has already lost 40% of it's purchasing power as COLAS not keeping up with true inflation. Once they cut benefits to, won't be much left. Glad some of us sacrificed and saved. Plus many of us who saved, now have to pay taxes on 85% of SS due to amount, to prevent it, hasn't adjusted since it was instated in the 80s. Crazy. Betting they will start counting Roth income in the equation next to cause even more savers to pay taxes on their SS
Anyone with half a brain knows that Republicans were and are opposed to Social Security as well as Medicare. If they could, they would try to either eliminate them or privatized them. No Republican Congress has ever passed one item of social legislation. They only care about tax cuts and cultural issues. What’s the matter with Kansas?
Too many people receiving SS that never paid into it. This shit should have been stopped 40 years ago.
Gov is broke, and SS only has a stack of special SS bonds, there is no trust fund, that money was raided to fund the viet nam war and welfare,
Trump said at the CPAC this year that Republicans should not touch SS and Medicare because he said there are a lot of places of wasted spending they can go after instead . Some Republicans want to use the life expectancy rate which basically will be raising borh the FRA and the ERA respectively, and different peivisions are all over the SSA website. Nikki Haley is all over it. Ron DeSantis is right behind her, but there is a big lifespan difference between the wealthy and the poor. I agree with Trump. Take care of Americans first, then we won't have ro touch it.
One big reason why Americans aren't having children is the cost . My parents spent $110 for my birth in 1955. It's well over $5000 now .
The Republicans want one thang and one thang only. To get their hands on the Social Security funds. How? They want to privatize Social Security. How will they get their hands on the funds under privatization. They will hold stock in the finical companies that you will be allowed to use for your Social Security. Then when go to get your money from the finical companies that got Social Security funds. We are sorry your investment is not worth anything or you cannot have your money at this time. Meanwhile they are taking fees out of your Social Security. Raise the age so less people collect for shorter period of time, so we can raid the Social Security trust fund for more money for our special interest who give us kickbacks. There you go in nutshell.
We can fund any and every war, but we can’t fund our basic infrastructure
It’s effectively a cut in benefits, but her emails!
Mine's already 66 and 10 months
There are a lot of young people not working because we have a lot of young people that don't want to work.
So it's been FORTY years since they phased in an increase to the FRA from 65 to 67. Might be time to phase in another.
So the idea is to avoid a benefit cut by raising the FRA which is a benefit cut.
How about in lieu of looking for fixes that hurt the people paying into, supporting, the system, fix the system. Where is all the money going? Maybe we back off on free heatlhcare to illegals that put a major strain on Medicaid. And as for our Government as a whole, like my household, get your house in order before you try and help others. "CUT ALL" FOREIGN AID UNTIL OUR DEFICIT IS ZERO.
Retired last year at 60, new job is helping with grandkids❤ Most rewarding job ever! Thanks for bringing some realistic perspective.
To keep it funded…the FRA must be incrementally raised. Eventually FRA must be even higher than 69. AND…the income limit at paying into SS must also be raised from it's current $168k. AND…the 6.2% the employee and 6.2% employer pays into SS must also be incrementally raised a .25% every other year until we get to the 8 or 9%. There is no other way to save SS without at least one (preferably 2 or all 3) of these measures take place. Of course we don't have anyone in Washington D.C. with any backbone to make these difficult but much needed changes happen.