If you turn 66 in 2024, you will face a Social Security benefits cut that hasn’t impacted anyone before you.
That’s because of a decades-old policy that was designed to move the full retirement age (FRA) forward. Those who claimed benefits at age 66 previously were allowed to do it at 66 years and 6 months. But as of now, it’s 66 years and 8 months. That means if you fall into this category, you’ll be waiting longer for the Social Security you earned. Read more about the policy here.
Some may say, “what’s a couple of extra months?” But we say, this is a benefits cut. After all, seniors have paid into this program over the years. You couldn’t take a couple months off from work, or go a couple months without paying into Social Security. It’s not fair to move the retirement age forward, or to cut benefits in any other way.
And once you’re in retirement, every month is precious. After all, you’ve earned this time, including the money you have coming to you.
