Preparing for retirement can take a lifetime. That’s why raising the full retirement age for Social Security benefits is a concern for many Americans. Putting off retirement, even by a couple of years, can throw a wrench in careful plans. A full retirement age increase could be coming—but what does that mean for seniors?
According to a CNBC report, a bill that passed the U.S. House of Representatives recently could push up the age by which older Americans would need to start taking minimum required distributions from their savings accounts. Many Social Security experts agree that this change will ripple out to other programs and that the full retirement age for Social Security will soon go up as well. And though this change would be phased in gradually, it still represents a benefits cut.
Seniors could experience as much as a 5 percent cut to the benefits they receive over time just from a one-year increase to the full retirement age. This cut could prolong the amount of time we have until the Social Security Trust Fund runs out. However, it’s not the answer to help more seniors avoid economic insecurity.
Help The Seniors Center Protect the Future of Social Security
The Seniors Center is committed to finding solutions to strengthen and protect the Social Security Trust Fund. Social Security is a contract between citizens and the government. Money deposited in the Trust Fund should only be used to pay benefits to eligible recipients.
The Seniors Center is demanding Congress finally put a stop to the careless borrowing and spending by greedy politicians that has put our Trust Fund and our secure retirement in jeopardy.
At The Seniors Center, our goal is to help seniors, and we’re doing that by protecting the future of Social Security. Retirees shouldn’t have to worry about losing their hard-earned benefits to taxes or the agendas of greedy politicians. If you agree, we invite you to sign our petition today! And follow The Seniors Center on Twitter and Facebook for more updates!
