17% Benefit Cut Looming: President Joe Biden’s Plan to Strengthen Social Security and Raising Full Retirement Age (FRA) – What You Need to Know!

President Joe Biden‘s Stand and the Debate Over Raising the Retirement Age

President Joe Biden‘s Approach to Social Security and the Potential Impact of Raising the Full Retirement Age

According to Yahoo Finance, President Joe Biden strongly supports making Social Security stronger. Joe Biden‘s looking at different ways to do this like raising the full retirement age (FRA). Social Security is facing money problems and if nothing changes benefits could be cut by 17% by 2035. Biden wants to keep Americans’ benefits safe without cutting them or making the program private. He thinks it’s better to tax rich Americans more to help Social Security but some Republicans think raising the retirement age is a better idea. This means Americans would have to wait longer to get their full benefits. It could help Social Security get more money without making workers pay extra taxes but if the retirement age goes up some Americans might have to work longer before they can retire. Right now the retirement age is 67 for Americans born in 1960 or later. Making it higher could be tough for Americans who need to retire early because they lost their jobs or are sick.

Despite the potential challenges it’s essential for workers to prepare for changes to FRA by adjusting their retirement plans accordingly. This may involve boosting savings in case of an early retirement or considering career pivots to make working longer more manageable. President Joe Biden‘s commitment to protecting Social Security is commendable but it may require compromises like adjusting the retirement age to ensure the program’s solvency. While Joe Biden‘s preference for taxing the wealthy may spare average earners from additional financial burdens raising FRA could still impact retirement plans for millions of workers.

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17% Benefit Cut Looming: President Joe Biden’s Plan to Strengthen Social Security and Raising Full Retirement Age (FRA) – What You Need to Know! (PHOTO: CNBC)

Expert Stock Picks Amid Social Security Debates

Furthermore, in the face of these potential changes investors may seek guidance on building a retirement portfolio. The Motley Fool Stock Advisor analyst team has identified 10 stocks they believe could generate significant returns in the coming years offering a blueprint for success with regular updates and new stock picks each month. As discussions continue on the future of Social Security workers are urged to stay informed and adapt their retirement strategies accordingly to navigate potential changes to FRA and ensure financial security in their later years.

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