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Insider’s Report: Raising the full Social Security retirement age is a benefit cut
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Hiking the Social Security retirement age for full benefits is a dangerous idea that continues to get resurrected by opponents of Social Security every time there is talk about “saving” this program. The Republican Study Committee’s fiscal year 2025 budget plan, which has the support of 80% of House Republicans, calls for raising the full Social
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Security retirement age from its current level of 67 (for anyone born in 1960 or later) to an unspecified older age.
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Hiking the Social Security retirement age for full benefits is a dangerous idea that continues to get resurrected by opponents of Social Security every time there is talk about “saving” this program. The Republican Study Committee’s fiscal year 2025 budget plan, which has the support of 80% of House Republicans, calls for raising the full Social Security retirement age from its current level of 67 (for anyone born in 1960 or later) to an unspecified older age.
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This harmful proposal would force workers to choose between working longer or living on reduced monthly benefits for the rest of their lives because … as current retirees already know, raising the retirement age is a benefit cut, pure and simple. Raising the retirement age also disproportionately affects workers with physically demanding jobs who cannot continue working and must claim benefits early.
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For anyone born in 1960 or later, the full Social Security retirement age has already been increased from 65 to 67. This drastic retirement age hike impacts millions of older Americans and significantly cuts benefits for anyone retiring before their full retirement age.
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If it was easy for Americans to continue working beyond the full retirement age, many would do so. But nearly half of American workers claim Social Security benefits at age 62, even though that means a significant loss in income for the remainder of their lives.
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Despite this reality, there are some politicians in Washington and corporate CEOs who support hiking the retirement age to 70 — or even higher! Those supporting this proposal view another retirement age hike as a way to reduce the deficit, pay for the Trump-GOP tax cuts for the rich and large corporations, and increase Social Security’s solvency.
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Proponents of increasing the retirement age also argue that people are generally living longer, and, therefore, can continue working for more years. Although it is true that, on average, life expectancy has increased (except during the COVID pandemic and the opioid/ fentanyl crises), most of the increase in life expectancy for those who reach age 65 is enjoyed by workers with higher incomes. This is not surprising considering they are less likely to have physically demanding jobs and more likely to be covered by high-quality employer-sponsored health insurance.
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Make no mistake: If supporters of raising the retirement age succeed, it could start us down a slippery slope of additional structural changes to Social Security that could further erode already modest benefits for future retirees, including your children and grandchildren.
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So please sign our EMERGENCY PETITION TO CONGRESS today and tell your members of Congress where you stand on proposals that would cut or radically change Social Security benefits!
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Ask Us!
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Whether you’re retired or approaching retirement, our team of experts in the field of Social Security policy is available to answer your questions about benefits.
You can either search our archives for valuable advice on a broad range of concerns or submit your question here.
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This week’s question is:
I am 59 years old and I have been on Social Security Disability and Medicare for 12 years. What will happen to my payment when I reach full retirement age? Also, when I die, will my wife be entitled to my benefits? She is 56 and is receiving a pension from the state. Will that make a difference?
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Click here to read the answer.
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Ask Us
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Whether you’re currently retired or approaching retirement, we can help answer your questions and provide valuable advice on Social Security.
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Join Now/Donate
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Your support sustains our campaigns in Washington to protect and strengthen Social Security and Medicare.
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Social Security Benefits
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Learn more about the Social Security program and the policies the National Committee supports that would strengthen your earned benefits.
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Seniors’ advocates and their political allies are criticizing recent comments by Wisconsin U.S. Senate candidate Eric Hovde suggesting that nursing home residents can’t – or shouldn’t – vote. (April 11, 2024, www.ncpssm.org, Entitled to Know blog)
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Read Here →
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Max Richtman, President and CEO of the National Committee to Preserve Social Security and Medicare, said the Social Security Administration needs adequate funding. “The chronically underfunded agency has been struggling to provide proper customer service,” he said. (April 7, 2024, The Filipino Chronicle, Edwin Quinabo)
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Read Here →
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It was a rough week for providers of Medicare Advantage health-insurance plans. The Biden administration issued rules to strengthen consumer protections in those plans, reflecting the administration’s continued efforts to curb excesses within the program. (April 6, 2024, Barron’s, Elizabeth O’Brien)
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Read Here →
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Senate Finance Committee Chair Ron Wyden, D-Ore., issued a statement after the Centers for Medicare & Medicaid Services issued a final rule related to Medicare Advantage and Part D that included a number of policy changes recommended by Wyden. (April 5, 2024, KTVZ, KTVZ news sources)
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Read More →
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Next year’s projected COLA of 3% may not be enough to help seniors stay ahead of inflation. Mary Johnson, an advocate and retired Social Security analyst, say that seniors are “falling deeper into the red, making retirement anything but carefree for many.” (April 14, 2024, USA TODAY, Medora Lee)
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Read More →
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With drug price negotiations for 10 drugs through the Inflation Reduction Act (IRA) set to take effect in 2026, researchers simulated the extent of Medicare savings. (April 5, 2024, Drug Topics, Brian Nowosielski)
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Read More →
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