Social Security

Raise the Social Security normal retirement age. Don’t raise the Social Security retirement age. What’s the deal?

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Categories: Social Security

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2 replies »

  1. If the SS retirement age is raised, when can one file for early retirement and what percentage of the total income for the full amount would a person lose if they take early retirement? Is filing for early retirement ever recollected for the full amount allotted with age? That factor is not discussed when raising the regular SS age for retirement. I agree that SS retirement age should stay in the age 62 and above due to advances in the medical field however, to raise it to 70 I think is not a great idea.

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    • There is no talk of going to 70, rather 68 and if it goes to 68, there would likely be another 7% reduction at age 62. It is assumed people retire at 70, but with a normal age now of 67. If you delay retirement beyond 67 they give you back the reduction for each month you are closer to 70. If you retire before 67, the calculation takes off 7% a year. In theory you get the same amount in TOTAL benefits in all cases if you live to the actuarial life expectancy.

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