via CEPR.
Related Reading:
Raising the retirement age IS a benefit cut to Social Security beneficiaries.
Find out which Presidential Candidates support this idea by clicking here.
See more posts like this on Tumblr
#politics #election #retirement age #social security #entitlements #retirement #retirees #elderly #p2 #seniors #entitlement reform #election 2016 #2016 election #social insuranceMore you might like
When a candidate promises to “save these programs for future generations” by raising the retirement age, raising the Medicare eligibility age, privatizing Social Security, changing the COLA formula and means-testing Social Security while exempting near retirees what they’re actually saying is: “We know seniors vote so we’ll protect them now and slash future benefits for their children and grandchildren instead.
via Entitled to Know.
Raising the age at which you can claim Medicare benefits by a year or two, for example, lops off a far larger share of the expected retirement period of a poor person than a rich one.
via VOX.
Related Reading:
- Raising the Social Security Retirement Age: A Cut in Benefits for Future Retirees.
- Those policymakers proposing raising Social Security’s retirement age
should recognize what a dramatic change this would be for millions of
American workers. Instead of protecting future generations, raising the
retirement age will dramatically cut benefits for younger generations of
workers, especially those at lower-income levels.
Proposals to increase Social Security’s retirement age are beginning to resurface. The notion is that if people are living longer, they can work longer.
But the retirement age has little to do with how long people work, and a lot to do with how much money they get. Increasing the retirement age is a benefit cut.
via Market Watch.
Related Reading:
- Raising the Social Security Retirement Age: A Cut in Benefits for Future Retirees.
- Those proposing to raise the age of eligibility for full retirement benefits to 70 or even 72 view this as a way to reduce the deficit and increase Social Security’s solvency. As in the past, proposals to raise the retirement age come with an additional reduction in benefits. The effect of increasing the retirement age to 70, for example, would lead to an additional 13 to 15 percent reduction in benefits at 62.
As part of its effort to keep the public apprised of the facts underlying policy prescriptions, the Center on Budget and Policy Priorities has issued a new primer deconstructing one of the oft-heard ideas to improve Social Security’s finances: raise the retirement age.
via Los Angeles Times.
Related Reading:
Want to know where GOP Presidential Candidates stand when it comes to raising the retirement age?
Click here.
Workers can claim as early as 62, but face a permanent reduction of benefits for every year they file before full retirement age of 66 (soon to be 67). Even so, nearly half of American workers claim Social Security benefits at 62, and a cumulative 60% claim before full retirement age – electing to accept a significant loss of income for the remainder of their lives.
Max Richtman via Newsweek.
“I think we need to raise the retirement age, not for people that are already nearing, receiving Social Security, or already on it, but raise it gradually, over a long period of time for people that are just entering the system,” Bush said. “And I think we need to do that in relatively short order.”
via National Journal.
Related Reading:
Support for Expanding Social Security Grows & Right-Wingers Panic.
Gov. Chris Christie, as your President, will raise the retirement age which is a cut to Social Security.
During the 2016 campaign, a number of presidential candidates have proposed raising the retirement age to 70. Others want to raise the retirement age a bit less, and some don’t favor raising it at all.
When candidates talk about “raising the retirement age,” what they are referring to is the Social Security Full Retirement Age (SSFRA). This is the age at which retirees can begin receiving full Social Security benefits. Starting at age 62, retirees can receive partial benefits.
via CEPR.
Related Chart:
During these next few months, we’ll be profiling potential and current Presidential Candidates and their future plans for Social Security & Medicare.
Today, we concentrate on Jeb Bush and his comments on raising the retirement age which is a benefit cut.
A key question that’s often left out of #retirement planning: Will seniors have enough income to afford the local cost of living?