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Rising full retirement age means reduced benefits for some
In a somewhat hyperbolic approach to what is actually happening, this Motley Fool article by Dan Caplinger positions changes implemented decades ago to keep Social Security solvent as “stealth cuts” which progressively impact those turning 62 today worse than those who have already claimed benefits. Reality is that program changes back then which affect today’s new beneficiaries were needed because people were living much longer and collecting benefits for decades, rather than years. Nevertheless, the article does a good job of portraying how the scheduled increases to the full retirement age are now affecting new and recent retirees. Click here to read the Motley Fool article.
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