Opinion: 3 changes to Social Security benefits we could see in the future
Social Security has been a vital safety net for retirees, disabled individuals, and surviving family members for decades. However, the program is facing financial challenges that may necessitate changes in the coming years. Let’s explore three potential ways Social Security benefits could change in the future.One possible change could involve adjusting the full retirement age , which is the age at which individuals can receive full Social Security benefits.
In addition, unless the maximum filing age is adjusted, Delayed Retirement Credits would also be limited under such a scenario. Currently when your FRA is 67 you have the opportunity to increase your benefit by 24% , but if the FRA is 68, the increase would only be 16% at maximum.Another potential change is means-testing Social Security benefits. Means-testing would involve adjusting benefit amounts based on an individual’s income or assets.
It’s important to note that any changes to Social Security benefits would likely be accompanied by broader discussions and careful consideration from policy makers. The goal would be to strike a balance between ensuring the program’s financial stability and protecting the well-being of current and future retirees.
As an individual planning for retirement, it’s crucial to stay informed about potential changes to Social Security benefits. Keeping track of legislative proposals and staying engaged in the conversation can help you adapt your retirement plans accordingly. Consider consulting with a financial adviser who specializes in retirement planning to assess the potential impact on your retirement income and explore other strategies to supplement your savings.
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