Social Security Administration (SSA) Commissioner Frank Bisignano has not ruled out raising the retirement age to address the program’s projected insolvency by 2034. Bisignano stated that “everything is being considered” when asked about this possibility, suggesting other options like increasing the maximum taxable earnings subject to Social Security tax are also under review. The Social Security Trustees estimate that the program’s funding gap could be addressed by permanently raising payroll taxes by 3.65 percentage points. The current full retirement age has been steadily rising since 1983.
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Former New Hampshire Governor Chris Sununu controversially asserted that Americans would accept eliminating Medicaid, Medicare, and Social Security, along with raising the retirement age, to reduce the national debt. Sununu made these remarks during a CNN appearance, arguing that current retirement ages are unrealistic for younger generations. This statement directly contradicts the White House’s repeated assurances that these programs will not be cut. The exchange sparked significant online debate, with some users expressing outrage while others suggested compromises such as adjusting benefits based on increased lifespans.
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The full retirement age (FRA) for Social Security benefits is increasing to 66 years and 10 months for those born in 1959, impacting retirement planning for Americans in their 40s. This rise, along with insufficient savings among younger Boomers and Gen Xers, highlights the urgency for improved retirement preparation. Many in these demographics are projected to rely heavily on Social Security, despite its intended role as a partial retirement income replacement. Delaying Social Security benefits until age 70 maximizes benefits, but few currently utilize this strategy.
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John Q. Hosedrinker