On Sunday, The Epoch Times reported that the Social Security Agency will begin to raise the age at which people can collect their full amount of Social Security. I would like to point out that Congress was never asked to vote on this and thus has never gone on the record for its vote.
The article reports:
The retirement age for many Americans to qualify for Social Security payments will increase by two months, effective Jan 2.
The change does not apply to individuals born between 1943 and 1954, for whom the full retirement age was set at 66 by the Social Security Administration (SSA). For those born after 1954, the age for retirement then increases in two-month increments for each birth year thereafter.Â
The gradual increase in the full retirement age is part of a long-term plan implemented by the SSA to cut costs due to financial challenges that emerged partially due to increasing life expectancies, according to information on the administration’s website.
Meanwhile, President Biden recently signed into law the Social Security Fairness Act, which will shorten the time it takes for the Social Security Fund (a questionable concept at best) will go bankrupt. It seems that by the time the generation born in the 1970’s gets to retirement age, retirement age will be somewhere around 85.