Minnesota governor and GOP presidential hopeful Tim Pawlenty suggests that the best way to deal with the prospect of the Social Security Administration running out of funds sometime in the next few decades is to raise the Social Security retirement age.
As it stands now, the full retirement age is 65 if you were born in 1937 or earlier or 67 if you were born in 1960 or later. (For more specifics on full retirement age, click here).
“If you’re on the program now or anywhere near eligibility, you shouldn’t have your benefits impacted,” Pawlenty recently told The Miami Herald. “But if you’re in the next generation, we’re telling you now, with several decades of warning, we’re going to gradually raise the retirement age over time. If you’re lower income or middle income, you should still get your cost-of-living adjustment. But in the future, if you’re real wealthy, we’re going to have to slow that down or take it away.”
The Social Security Administration estimates that its funds will be exhausted in 25 years and that it needs to locate an additional $6.5 trillion over the next 75 years in order to pay all scheduled benefits.
Do you think that raising the full retirement age is a good solution to the agency’s dwindling funds?
If you need help with your Social Security Disability benefits, contact the Social Security Disability lawyers at Newlin Disability.