A plan that could save Social Security and boost the economy – with one big catch via YahooFinance
The Social Security trust fund will be depleted in about 15 years without action, according to the 2019 Trustees report. Fixing this looming shortfall is usually cast as a bitter medicine that policymakers are unwilling to swallow, for fear of alienating older voters reliant on the program.
“We're really headed to a period of slow economic growth because of the baby boomers, but the right types of Social Security reform can give us exactly the boost that we need,” Goldwein said on Yahoo Finance’s “YFiPM.” Currently, Americans born between 1943 and 1954 can begin receiving partial Social Security benefits at age 62. If you wait until age 66 – “full retirement age” – you receive full benefits. The CRFB plan does have a carve-out for low-income workers who could opt to receive some benefits at age 62 and avoid slipping into poverty.
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