03-03-2025, 01:33 PM
Not gonna happen. Us seniors vote in large numbers. We'd vote out anybody who messed with SS.
Last time SS was "saved" it was done in 1983 and raised the full retirement age from 65 to 67 (although they didn't change the 62 yo early retirement age). BUT, they made the change a month or so per year and started the changes for those who were 40 years of age in 1983. So, nobody who was in SS or relatively close to SS was impacted. I was 30 at the time and I knew about it but didn't think a thing of it.
They'll "save" it again but likely at the last minute. And they'll probably raise the income limit and also raise the full retirement age and perhaps index the full retirement age to life expectancy so they don't have to do this again. As an aside, if they had already indexed full retirement to life span, it would have been interesting to see what would have happened with COVID reduced US life expectancy for a couple of years (life expectancy in 2019 was 79 and in 2020 was 77).
Last time SS was "saved" it was done in 1983 and raised the full retirement age from 65 to 67 (although they didn't change the 62 yo early retirement age). BUT, they made the change a month or so per year and started the changes for those who were 40 years of age in 1983. So, nobody who was in SS or relatively close to SS was impacted. I was 30 at the time and I knew about it but didn't think a thing of it.
They'll "save" it again but likely at the last minute. And they'll probably raise the income limit and also raise the full retirement age and perhaps index the full retirement age to life expectancy so they don't have to do this again. As an aside, if they had already indexed full retirement to life span, it would have been interesting to see what would have happened with COVID reduced US life expectancy for a couple of years (life expectancy in 2019 was 79 and in 2020 was 77).