The Social Security Retirement Age Is Jumping To 67 Years Old, So Prepare Now

Everyone thinks about retirement. It is the ultimate goal. But, the age of retirement is about to jump from 62 to 67.

Ugh.

Now, obviously, you should be working toward and hustling to save up your money for retirement. You can’t expect to rely on the government to make your life peaches and cream when you take the plunge to officially retire.

But, what can you expect from the government when it comes to stepping up and providing funds for your retirement. I mean, you’ve worked for it.

You’ve had social security taken out of every single paycheck. What does that actually mean for your future?

Well, depending on when you choose to retire affects the benefits you will receive from the government.

As it stands now, most people can technically retire at age 62. It depends on when you were born. Sounds nice, right?

Workers who wait to claim Social Security until full retirement age — up to age 67, depending on when they were born — stand to get 100% of the benefits they earned. If they claim earlier, starting from age 62, their monthly checks will be permanently reduced. If instead they wait until age 70, they stand to get the largest possible benefits.
CNBC

But wait. Hold up before you rely on those numbers.

The House of Representatives just approved a retirement bill that would extend the age for full benefits to age 75. Ugh and double Ugh, right?!?

Now, this change still has to pass in the Senate. But, if it passes, you can expect them to slowly phase in this new age of retirement. It would be fully in effect by 2032 — well in time for us to retire.

The proposal reflects a reality that many people today are generally healthier than generations past and therefore are living and working longer, said Mark J. Warshawsky, a senior fellow at the American Enterprise Institute and former deputy commissioner for retirement and disability policy at the Social Security Administration.
CNBC

We have all been told that Social Security is in trouble. At the rate we are going, trust fund stores for SS will be depleted by 2034. Not very promising.

To help the looming threat of SS depletion lawmakers have a choice: increase taxes on benefits, raise payroll taxes, or increase the retirement age.

Welp, it looks like they are starting with retirement age, but we could easily see all three scenarios go into effect.

The bottom line here is not to rely on Social Security benefits. Have a plan, and work that plan. Hustle to put away everything you can for retirement, and don’t rely on outside sources of income.