Whenever it relates to Social Security and Medicare, all of these ages matter.
Yet in the difficult discussion on how to support the weak budgets of the huge entitlement programs, such ages too are targets.
Nikki Haley, a candidate for the Republican presidential nomination, lately focused on increasing the retirement age for Persons in their 20s as a means of Social Security reform, claiming that it should equal their life span. During CNN’s “State of the Union” on Sunday, Republican Nancy Mace of South Carolina repeated the controversial stance. Neither party specified the appropriate new retirement age.
Several individuals might think that because 65 was the traditional retirement age for many years, persons can begin receiving their full Social Security payments at that age.
The full retirement age was gradually raised by legislators; those who entered 65 in 2003 became the first ones impacted. People who were born after 1960 should wait till they turn 67 to begin receiving their full benefits.
But in the next ten years or so, not Social Security nor Medicare would be able to offer their full benefits unless Congress takes action.
The total retirement and disability trust funds of Social Security will run out in 2035, according to the program’s trustees, at which point Social Security would only be able to collect enough money to pay out 80% of the benefits that are currently planned. The retirement trust fund will run out in 2032, according to a more current projection by the Congressional Budget Office.
