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Increasing Social Security’s Full Retirement Age Could Hurt Today’s Workers
Maurie Backman notes there is increasing interest in increasing the full retirement age, now 67 for those born 1960 or later. That is not surprising, as that reform avoids the benefit cuts now or the tax increases now option. The “pain” does not hit until later, but hit it will for younger workers. People may have to work longer. Further, people may have less opportunity to earn delayed retirement credits, as the gap between a higher age and max age narrows. It may even be wiped out altogether. Full piece here.
As an example of the leading thoughts on reforming Social Security, the Association of Mature American Citizens (AMAC, Inc.) believes Social Security must be preserved and modernized. This can be achieved without tax increases by slight modifications to cost of living adjustments and payments to high income beneficiaries plus gradually increasing the full (but not early) retirement age. AMAC Action, AMAC’s advocacy arm, supports an increase in the threshold where benefits are taxed and then indexing for inflation, and calls for eliminating the reduction in people’s benefits for those choosing to work before full retirement age. AMAC is resolute in its mission that Social Security be preserved for current and successive generations and has gotten the attention of lawmakers in D.C., meeting with many congressional offices and staff over the past decade.