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A “Minimum Benefit” Proposal to Guard Against Potential Affects of FRA Increases
Many of the proposals in play to solve the Social Security solvency issue call for increases in the full retirement age, with age 69 being a popular destination for this parameter. The corollary impact of this change, some fear, is that the ultimate reduction in lifetime benefits could push many below the poverty line late in life. Steve Sass, of the Center for Retirement Research, proposes a potential solution to this consequence through consideration of a modified “minimum benefit” provision to keep the first step in the primary insurance amount (PIA) level (and not adjusted based on age at retirement). Read his proposal here…