The solvency of the program is at the heart of discussions.
Changing the age requirement for receiving Social Security benefits is under consideration by a bipartisan group of senators looking at keeping the federal program solvent.
Senators Angus King of Maine and Bill Cassidy of Louisiana are working on a revised Social Security framework to avoid insolvency within the next decade.
A spokesperson for the senators said, “This is an example of two leaders trying to find a solution to a clear and foreseeable danger. 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 current retirement age for Social Security is 67 for anyone born after 1960. Beneficiaries can opt for early retirement at 62, but will not receive full benefits until they reach the age of 67. For those who wait until age 70 to retire, their benefits increase.
As the Lord Leads, Pray with Us…
- For the senators as they explore options to ensure the longevity of Social Security.
- For wisdom for federal legislators as they evaluate the national budget and federal spending.
- For those of retirement age who are struggling with the cost of living even with an increase in Social Security payments.
Sources: Washington Examiner, The Hill
