A group of lawmakers is developing a strategy to strengthen Social Security by increasing the retirement age from 67 to 70 and making other adjustments to the method benefits are paid for. What you should know is as follows.
Senators Angus King (I-Maine) and Bill Cassidy (R-North Carolina) are leading the effort to implement the plan, which was initially reported by the online news source Semafor (R-Louisiana). Additionally, it would involve adjustments to how retirement payments are calculated and the establishment of an investment fund sponsored by the federal government which might generate income to help with benefit payments.
As the elections in 2024 drew near, the situation of Social Security finance is projected to attract considerably greater attention. The trustees who administer Social Security and Medicare have revealed that the balance in the trust fund utilized to pay for the programs will run out somewhere in 2035, even though the Social Security system is not in any danger of going bankrupt.
