It’s become more apparent that Social Security could begin to experience serious shortfalls in another 10 years. Is there a possibility the Full Retirement Age (FRA) could be raised above 67?
Financial experts believe Congress will need to address this issue sooner or later.
The last time Congress faced this issue was 1983, when it acted to raise the FRA from 65 to 67. The change was designed to be phased in depending upon what your birth year was. That process is ongoing.
No doubt, the prospect of changing the FRA is not popular. Many retirees begin taking their Social Security benefits at age 62, even though they don’t get the full amount they would if they waited until their FRA.
Another possible change for Congress to consider would be to raise the age at which you can begin collecting above 62. Those seniors who wait to collect Social Security can maximize their benefits by waiting until age 70.
We Want Your Benefits to be Strong
Here at Council of Seniors, we recognize Congress must pass The SAVE Benefits Act. This bill will correct congressional inaction to provide a truly adequate Social Security cost-of-living adjustment (COLA). If the bill passes, seniors will be reimbursed $581 that should have been paid all along.
Please take time now to sign our petition. Washington politicians need a wakeup call on how many people support this bill.