How Will Increasing Social Security’s Retirement Age Affect You?

Due to a growing funding gap, the Social Security Administration ( SSA ) has for years predicted that it will have to reduce its Social Security benefits. If Congress does n’t make some changes, the agency is anticipated to reduce the benefits sometime after 2033. The proposed modifications, at least one of them, include raising the retirement age to which a retiree can get full Social Security benefits.
According to CNBC, there is a need to change Social Security because the organization has revealed that it will only be able to pay about 80 % of its regular Social Security payments by 2034. It would be fatal for retirees and those planning on retiring soon because so many people depend on that monthly revenue for retirement…

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