Why Is Social Security Looking Bleak By 2035?

Increasing the full retirement age

Raising the retirement age seems to be a fairly logical solution given that life expectancy has increased, which means that people simply have more years available to work. Therefore, younger generations will have to work longer until they can receive Social Security benefits. Currently, if you were born before 1937 you can retire at the age of 65, while if you were born after 1960, the retirement age increases to 67.

Currently, there are some proposals to gradually raise the retirement age up to 69 years. Thus, it may be possible to delay the depletion of the program’s funds.

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