Bipartisan Group Eyes Increasing Age to Receive Social Security

A Bipartisan group of senators are reportedly looking at raising the retirement age in order to receive benefits Social Security Benefits Part of broader efforts for overhauling the welfare program overall.

Sens. Sens. Trust fund will be created “insolvent” Within the next decade, spokespersons for senators told the Washington Examiner. 

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“This is an example of two leaders trying to find a solution to a clear and foreseeable danger,” According to a statement, the spokespeople. “Although the final framework is still taking shape, there are no cuts for Americans currently receiving Social Security benefits in our plan. Indeed, many will receive additional benefits.”

The senators have not approved the final plan and aren’t yet certain of its solutions. The plan has been under negotiation for almost two years.

The pair are reportedly looking at raising the Social Security retirement age from 70 to 70 as part of their solution. Sources Semafor. Social Security’s current retirement age is 67 for anyone born after 1960. This is according to Ronald Reagan’s amendments to the program.

Social Security Administration states that beneficiaries have the option to take early retirement at 62 but that they won’t receive full benefits until they turn 70. Social Security benefits will increase for those who wait to retire at 70.

Sen. Tom Cotton and John McCain are also considering a change in the program’s formula to calculate monthly benefits. This would transform it from one that bases payments on an applicant’s average earnings to one that bases rewards on the amount of Social Security payments the applicant received throughout their careers.

These proposals are made by the Social Security Administration Has warned lawmakers If Congress does not make changes to the benefits and resources program, its trust fund reserves may run out. The Congressional Research Service projects that the program will be insolvent by 2035, according to one projection.

According to the Congressional Budget Office (CBO), other reports indicate that funds could be exhausted by 2032 if inflation increases and costs of living rise.

President Obama is the latest development Joe Biden Republicans have been repeatedly accused of wanting to cut Medicare benefits and Social Security benefits. They hope to exploit that position in the 2024 elections. The president specifically referred to Sen. Rick Scott’s (R.FL) proposed agenda, which includes a provision that would end federal legislation after five years unless Congress renews it.

After Biden’s State of the Union address, Scott revised the proposal to exempt Medicare and Social Security. He said that he had intended it all along.

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Republicans have rejected claims that they would eliminate the two programs. They also noted any plans to do this. “off the table.”

“I want to find a reasonable and a responsible way that we can lift the debt ceiling but take control of this runaway spending,” House Speaker Kevin McCarthy (R-CA) CBS January “If you look at the last four years, the Democrats have increased spending by 30%, $400 billion. We’re at 120% of GDP. We haven’t been in this place to debt since World War II, so we can’t continue down this path.”