The House Republicans proposed that the Social Security retirement age must be increased from 66 to 69. The proposal was made as part of the plan to cut spending by $16.3 trillion over the next ten years.On June 21, the House Republicans introduced a proposal that would increase the Social Security retirement age from 66 to 69. The Republican Study Committee (RSC) reportedly made the proposal as part of the plan that would cut spending by $16.3 trillion over the next ten years.
According to Martin, the plan also includes making the tax reform plan for the wealthy permanent as it is scheduled to expire in 2027. Reportedly, these tax cuts were signed into law by former U.S. President Donald Trump.
Gradual Increase in Social Security Retirement Age
According to Cariaga, the proposal made by the RSC would gradually phase in the increase of the Social Security retirement age. This means that four months will be added every year until it reaches the age of 69 for those beneficiaries who will turn 62 in the year 2033.
Reports say more than 3 million beneficiaries have been born in the year 1971 and will turn 62 in the year 2033. Nonetheless, the age of 62 will remain the lowest Social Security retirement age at which beneficiaries can take their early retirement albeit with severely reduced benefits.