Congress Weighs Raising Social Security Age to 69 as 22% Benefit Cut Looms by 2032
Updated
Updated · Yahoo Finance · Aug 1
Congress Weighs Raising Social Security Age to 69 as 22% Benefit Cut Looms by 2032
1 articles · Updated · Yahoo Finance · Aug 1
Summary
A proposal to lift Social Security’s full retirement age from 67 to 69 is gaining attention in Congress as lawmakers look for ways to shore up the program.
A 22% automatic benefit cut could hit as early as 2032 if Congress does nothing, with payroll-tax revenue squeezed by a shrinking workforce and retiring baby boomers.
Raising the age would improve Social Security’s finances by keeping workers paying payroll taxes longer and delaying full-benefit eligibility.
Millions of future retirees could still face smaller lifetime payouts, especially workers in physically demanding jobs who may retire before 69 and lock in permanently reduced monthly checks.