The ages of 62, 65, 67 and 70 are important when it comes to Social Security and Medicare.
Republican presidential candidate Nikki Haley recently zeroed in on raising the retirement age for Americans in their 20s as a way to reform Social Security, saying it should match their life expectancy. The controversial position was echoed by GOP Rep. Nancy Mace of South Carolina on CNN’s “State of the Union” last Sunday. Neither said what the new retirement age should be.
“There’s no third option – there are only benefit cuts or tax increases. Raising the full retirement age is a mechanism for cutting benefits.” Delaying retirement benefits is a hot-button topic not only in the US but in Europe as well. The French government is currently forcing through controversial plans to raise the country’s retirement age from 62 to 64, which have ignited weeks of protests and strikes.
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