This could change in the next few years in the United States. At the moment, the full retirement age is 67, but Congress is thinking about raising it. In the US, retiring at age 67 is being looked at again, and changes may be coming.
Congress is thinking about ways to raise the minimum retirement age because Social Security could be cut by 2034. This would affect millions of workers who are currently registered.
At the moment, the full retirement age (FRA) is 67, but a bill in the government would make it 69. People who depend on Social Security for retirement are worried about this change because it is meant to keep the program going but could mean big payment cuts.
Retirement age is about to change in the United States
There is a chance that Social Security will not have enough money to pay full payments starting in 2034, which is what led to this possible change.
The government will have to cut payments for seniors and people with disabilities if nothing is done. Because of this problem, Congress is thinking about other options, such as raising the retirement age.
The state of the American job market right now is another important issue. Because they were laid off and do not see any future, a lot of workers have applied to leave early. Surveys show that 14% of retirees asked for benefits early because they lost their jobs.
More than that, 38% of retirees have retired early because of illness or disability. The economy also affects people’s choices about when to retire.
Statista says that the average yearly wage for a full-time worker in the U.S. is $74,738, but this number changes depending on where the worker works and what business they work in.
A big part of the population makes much less each year: in 2022, 34% of Americans made less than $50,000 a year, which makes choices about retirement even harder.

Some members of Congress want to raise the retirement age to 69, but the idea has caused a lot of debate. A lot of people think it would be hard to work after age 67, especially if they have physically demanding jobs or health problems.
Aside from that, the action might lower the standard of living for retirees who depend on these investments for their money.
But officials say these changes are needed to keep the system from failing and make sure that future generations will still be able to get benefits from Social Security.
At the moment, millions of American workers do not know if they will have to work a few more years or if they can retire when they had planned.
What will be the impact of changing the retirement age on Social Security benefits?
The Congressional Budget Office (CBO) says that raising the full retirement age will lower people’s total Social Security income.
However, workers who wait the same number of months to claim benefits will get the same monthly payment for a shorter amount of time.
It would cost workers the same number of years of benefits if they decided to start getting them at the same age as they would under current law. The budget for Social Security would get better because payments would be cut.
If you were born in 1965, you can retire at 67 years and 3 months. If you were born in 1972 or later, you can retire at 69 years and 3 months. The youngest person who can get benefits is 62, but they are cut by 5% every month after that.
The proposed method would mean that people who claim benefits before their FRA would see a bigger cut in their monthly payment than they do now.
The monthly benefit amount, which is also called the primary insurance amount (PIA), that a person would get if they made a claim after hitting their FRA is used to figure out the benefit decrease.
Also see:-Radical change in SSI payments by 2025 – Social Security announces 2 major changes
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