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US Should Raise Social Security Retirement Age – Republican Lawmaker

US Should Raise Social Security Retirement Age - Republican Lawmaker
Retirement Age - John Kennedy, a senator from Louisiana, stated that lawmakers should talk about raising the retirement age for those in their 20s. (Photo by https://www.barrons.com/)

Retirement Age – John Kennedy, a senator from Louisiana, stated that lawmakers should talk about raising the retirement age for those in their 20s.

Although Speaker Kevin McCarthy has emphasized that cutting Social Security is not an option in the debt ceiling debate, other Republicans are calling it “unrealistic” to leave the entitlement program alone.

 

What Age Can You Collect Social Security?

Benefits from Social Security can be taken out early. Know the factors that influence whether you should take Social Security early or wait until you reach full retirement age. (Photo by https://www.schwab.com/)

 

John Kennedy, a senator from Louisiana, suggested on Sunday that lawmakers should talk about raising the retirement age for those in their 20s.

One of the biggest budget lines in the United States is Medicare, and as the population ages, costs are only predicted to rise. In order to extend the solvency of Medicare by 25 years, President Biden recommended enacting a new tax on the wealthy’s investment income in his budget, which was unveiled last week.

 

GOP lawmaker says US should consider raising retirement age for future Social Security beneficiaries

Sunday, South Carolina Republican Rep. Nancy Mace stated that raising the retirement age for future Social Security beneficiaries should be “on the table” so long as it does not affect “anyone that’s heading into retirement right now.” (Image courtesy of https://abc17news.com/)

 

Raising the retirement age for Social Security beneficiaries should be “on the table,” according to South Carolina Republican Rep. Nancy Mace, as long as it doesn’t harm “anyone that’s headed into retirement right now.”

When asked about Republican presidential contender Nikki Haley’s suggestion for a higher retirement age for Those who are now in their 20s, Mace said to CNN’s Kaitlan Collins on “State of the Union” that it was something that needed to be discussed and looked at.

 

The Social Security retirement age could change. What that could mean for benefits

The age at which individuals are eligible for full benefits under the Social Security program may be raised as a result of funding issues and an increase in life expectancy. zimmytws | iStock | Getty Images (photo)

 

I am 45 years of age. Since I deposited money into retirement during my working years as an adult, I’m expecting that Social Security will be insolvent and I won’t get any of that money when I retire, Mace said. We must consider Social Security. We need to examine both our required and discretionary spending in our nation.

 

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As part of its 1983 reorganization of the entitlement program, Congress raised the Social Security regular retirement age, which had previously been set at 65. Those who were born in 1960 or later must wait until they become 67 in order to receive their full benefits because the age has been continuously rising.

Although they will only receive reduced amounts, Americans can apply for Social Security payments as early as age 62.

 

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One way to bolster Social Security, which has long struggled financially, is to raise the retirement age. Less workers are contributing to the program and sustaining the rising number of recipients, who are also living longer, as the American population ages. All told, monthly benefits are made to close to 66 million retired people, their dependents and survivors, as well as disabled workers and their families.

 

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The estimated dates for the possible depletion of the Social Security retirement and disability trust funds vary by a few years. If Congress doesn’t take action, the Social Security trustees estimated the deadline at 2035 last year. At that point, just 80% of the planned payments will be paid out by the entitlement program.

But, political leaders are reluctant to propose any reforms that could result in benefit reductions because so many Americans rely on the entitlement program. When he submitted his budget proposal last week, President Joe Biden, who has pledged to protect the program, did not outline his strategy for doing so.

 

Major Social Security trust funds could be tapped out by 2033: CBO

Last month, the non-partisan Congressional Budget Office revised its long-term projections for Social Security’s solvency and discovered that the program’s major trust funds may be depleted in 2033. (Image courtesy of https://www.foxbusiness.com/)

 

At a town hall in Iowa on Wednesday, Haley had previously mentioned changing the retirement age for “young people” and detailed several modifications to entitlement programs. Yet when CNN questioned what retirement age she would institute, her campaign remained silent.

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