Raising the 'full retirement age' is not a third option -- it is a benefit cut
The debate about Social Security has begun. That’s perfectly appropriate. The system is running a 75-year deficit, and the assets in the Trust Fund, which are temporally filling the gap between revenues and promised benefits, are projected to be depleted in 2035.
Some people suggest that a third option exists for restoring balance to the program: increase the full retirement age . Indeed, increasing the FRA from its current 67 to 70 could eliminate about a third of the 75-year deficit. But increasing the full retirement age is not a third option; it is a benefit cut.
Currently, those claiming at age 62 receive only 70% of the benefit available at 67. If the Full Retirement Age were increased to 70, that amount falls to 55%.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'Western Water Girl' raising awareness on water issues through social mediaOver the course of nearly a year, Teal Lehto, or Western Water Girl on TikTok, has gained more than 50,000 followers while talking about all things water in the west. MORE ⬇️
Read more »
Social Security and Medicare: Troubling math, tough politicsIt seems no one wants to cut Social Security or Medicare benefits
Read more »
Social Security and Medicare: Troubling math, tough politicsSocial Security won't be able to pay out its promised benefits in about a dozen years, while Medicare won't be able to do so in just five years.
Read more »
Social networks’ latest business model is charging for securityIt’s understandable — but also risky.
Read more »
Social Security and Medicare: Troubling math, tough politicsSocial Security won't be able to pay out its promised benefits in about a dozen years, while Medicare won't be able to do so in just five years.
Read more »
Social Security and Medicare: Troubling math, tough politicsSocial Security won't be able to pay out its promised benefits in about a dozen years, while Medicare won't be able to do so in just five years.
Read more »