The Republicans introduced increasing the Social Security retirement age from 66 to 69. Reports say the proposal was part of the plan to cut the expenditures by $16.3 trillion for the next ten years.On June 21, the Republicans started a proposal to increase the Social Security retirement age from 66 to 69. Reports say the Republican Study Committee (RSC) considered the increase as part of the plan that intends to cut the expenditures by $16.3 trillion for the next ten years.
According to Severi, the plan also intends to make the tax reform plan for the wealthy permanent as it is set to be terminated in 2027. The tax reform plan are tax cuts signed into law by the former U.S. President Donald Trump.
Increase in Social Security Retirement Age
According to Cariaga, the proposal introduced by the RSC would gradually incorporate the increase of the Social Security retirement age. This means that every year, four months will be added to the retirement age until it reaches the age of 69.
Nonetheless, the age of 62 will still be the lowest Social Security retirement age wherein beneficiaries can utilize their early retirement although with extremely reduced benefits. Reports say over 3 million beneficiaries were born in the year 1971 and will turn 62 in the year 2033.