Social Security’s retirement age is moving to 67. Some experts say that could go even higher

CNBC ^ | 3 April 2022 | Lorie Konish

[MeneMeneTekelUpharsin]

Many Americans eagerly look forward to a time when they can stop working and officially set their status to “retired.” But when asked what age they anticipate that could be, there isn’t a consensus. The average age when people say they hope to retire is 62, according to one survey.

SNIP

Meanwhile, the House of Representatives last week approved a retirement bill that would push out the age for required minimum distributions on certain savings accounts to 75, up from the current age of 72. That change, if it passes the Senate, would be gradually phased in by 2032.

SNIP

Retirement ages were last altered in 1983 under then-President Ronald Reagan. Those changes, which raised the full retirement age to 67 from 65, are still being phased in today. Even just the bump up to age 66 from 65 represented a 5% benefit cut, Elsasser noted.

Read more at the link.

[Trump Girl Kit Cat]

I worked for a major grocery outlet for a short time it was union, when I turned 65 the union would no longer let me have my medical through my employer I was forced to sign up for Medicare HOWEVER I was able to have my Medicare supplemental insurance through the union!! I HATED working for a union!!!

[Tired of Taxes]

>"Imagine if all your SS payroll taxes had been invested in an index fund."<

Isn't that pretty much what GWB wanted to happen? And the Dems opposed it? (Am I remembering that correctly?)

[GrandJediMasterYoda]

I just turned 60 so I doubt SS will even exist by the time Joe Lieden finishes his second term thanks to the RINO party which refuses to even discuss election integrity

[usconservative]

Gotcha. I was simply responding to the fact that according to the SS Website, it’s already 67 for anyone born in 1962 or after. So that would mean an increase to 67.5, 68, etc..

The Republicans would be smart (they’re not, let’s not think they are) to go after the low hanging fruit first: foreign aid, medicare/medicaid fraud that’s estimated in the tens of billions annually, duplicative spending and a full forensic audit of the Federal Budget and declaring a moratorium on immigration (followed by deporting the 5m+ that have crossed in the past few years) and eliminating all the spending on these criminal, illegal aliens.

Do that, show success and then start talking cuts elsewhere. Otherwise, they’re all just blowing smoke up our backsides and wasting our time.

[rxh4n1]

A single man who earned an average income and reaches average life expectancy will pay $405,000 into Social Security and Medicare and receive $573,000 in benefits.

Can’t beat that 1/2% interest rate.

Then there is the employer match so double the $405k.

[Mr Rogers]

I have no problem. My full retirement age for SS is 66 year & 8 months. Probably ought to be 67.5.

Original age was set at 65 when half of people died by 65. It beats cutting benefits up to 25% in a few years....

“you will face a 50% tax on income exceeding the Social Security cap”

ONLY if you retire early - which the government penalizes because it drains the system faster:

“You can get Social Security retirement benefits and work at the same time. However, if you are younger than full retirement age and make more than the yearly earnings limit, we will reduce your benefit. Starting with the month you reach full retirement age, we will not reduce your benefits no matter how much you earn.

We use the following earnings limits to reduce your benefits:

If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2023 that limit is $21,240.

In the year you reach full retirement age, we deduct $1 in benefits for every $3 you earn above a different limit, but we only count earnings before the month you reach your full retirement age.

If you will reach full retirement age in 2023, the limit on your earnings for the months before full retirement age is $56,520.

Starting with the month you reach full retirement age, you can get your benefits with no limit on your earnings.”

https://faq.ssa.gov/en-us/Topic/article/KA-01921

To repeat: “Starting with the month you reach full retirement age, you can get your benefits with no limit on your earnings.”

[MeneMeneTekelUpharsin]

Thanks for that informative post.

[itsahoot]

If not eligible for Social Security disability benefits”

Did you know that chronic unemployment became a disability under Obamamoa. I don't know for a fact that anyone actually draws that but why not why not SSI comes out of the IOU pot that makes up the SS Fund.

If Social Security had ever been set up as a managed retirement fund we would be fine but is was just too tempting hanging all that money in front of politicians I guess.

[itsahoot]

#11 At 67 years 6 months I would get a bit over $2,000 a month. At 70 I would get $2,600+.

How much do you get if you die at 69?

[itsahoot]

I am grabbing my S.S. at 62,

I had my first heart attack at 44 so when I reached 62 I decided I better get it while I could but Stents came along and I am now 84 so I am sure I got more than my share, almost makes me want to give some of it back. Almost but not quite.

[itsahoot]

if they stopped these millions of invaders at the border, gave them Social Security numbers,

They already do that but they don't use them for employment they use them for benefits.

[yuleeyahoo]

The break even point between early and full retirement is 78. I am going to take early.

[itsahoot]

Wait, what? So I am going to involuntarily lose my employee medical at 65???

It will become your supplemental.

[itsahoot]

They aren’t “YOURS” it’s tax collected by the government, so as soon as it left your paycheck, it ceased to be “yours”.

Actually it is not a tax it is a contribution. FICA =Federal Insurance Contribution Act.

[RFEngineer]

“FICA =Federal Insurance Contribution Act”

Its amusing when people think words meanings matter when enshrined in federal law.

Your “contribution” is a tax. You dont have to believe me, its already been litigated. Its been decided that its not your money afterall

[minnesota_bound]

My ancestors tend to be long lived : )

[central_va]

It will become your supplemental.

What does that mean?

[xp38]

They love the word investment. Compulsory investment perhaps.

[AustinBill]

Fair enough, though physical labor intensive jobs were certainly a much larger percentage of the workforce in the 1930s then they are today. And there are plenty of "couch potatoes" in their 30s and 40s who are unfit for any sort of real physical labor today.

While it is true that improvements in infant and childhood mortality were responsible for raising the life expectancy averages beyond age 40 in the past, more recently life expectancy has improved across all age groups. See here for some interesting details.

[itsahoot]

What does that mean?

It means Medicare becomes your Primary insurance the other coverage becomes a secondary coverage, believe me Know, it happened to me.