While many people hope to retire at 62, Social Security doesn't pay full benefits until as late as age 67. That normal retirement age could get pushed even higher based on how lawmakers choose to address the program's solvency issues.
Meanwhile, the House of Representatives last week approved a retirement bill that would push out the age for required minimum distributions on certain savings accounts to 75, up from the current age of 72. That change, if it passes the Senate, would be gradually phased in by 2032.
To shore up the program, lawmakers have a choice of increasing taxes on benefits, raising payroll taxes or increasing the retirement age. Any enacted changes could include a combination of all three. "I expect that at some point in the not too distant future, Congress will agree on a Social Security package that includes some type of adjustment to the retirement age," Akabas said."Whether that's in two years or 10 years, it's very difficult to predict."
Adjustments could make it so the most vulnerable — those who are forced to retire at the earliest possible age — don't see the same type of benefit reduction, Akabas noted.In 2000, the average age at which people retired was roughly 61 or 62. Two decades later, it's around 66, according to government data, Warshawsky said.
That highlights the importance of planning ahead, so you anticipate whatever your retirement years bring. Admittedly, that can be tricky, given that Social Security could be susceptible to change.
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