There is a new report that the Republican Study Committee is looking to increase the full retirement age for Social Security benefits to 69 by 2033.
If it happens, it would primarily impact Americans currently between ages 30 and 55. More than 250 million future Social Security recipients would be impacted.
The change would begin in 2026, slowly raising the full retirement age up to 69 by 2033. Comparatively, the retirement age was increased from 65 to 67 starting in 1983, but the change was rolled out very slowly across 33 years.
The Congressional Budget Office’s comprehensive estimate suggests these future recipients would lose about $420,000 in their lifetime.
We know that in order to preserve the future of Social Security, our leaders will have to take bold steps.
Do you think this is the best way to preserve Social Security for the years to come? Share your thoughts at [email protected]