As Americans live longer and healthier lives, many experts are calling for the Social Security full retirement age to remain the same, or even be lowered. The current full retirement age is 66, but some have proposed raising it to 67 or even 68.
Social Security is a vital source of income for many retirees, and raising the full retirement age would mean that many people would have to wait longer to receive their full benefits. This could be particularly detrimental for those who are already struggling financially or have disabilities that prevent them from working.
Furthermore, raising the full retirement age would disproportionately affect women and minorities. Women tend to live longer than men and are more likely to rely on Social Security benefits for their retirement income. Minorities, who are already more likely to have lower incomes than their white counterparts, would also be disproportionately affected.
Experts argue that raising the full retirement age would not be an effective way to address Social Security’s long-term financial issues. Instead, they suggest that the government should look at other ways to ensure the program’s solvency, such as increasing the payroll tax rate or raising the taxable wage base.
Ultimately, experts agree that raising the full retirement age is not the answer to Social Security’s financial woes. Keeping the full retirement age the same or even lowering it would ensure that retirees are able to receive their full benefits in a timely manner and would help to protect those who are most vulnerable.