Plans put forward by Republicans advocate for raising the retirement age by two years.
A liberal public policy think tank has said that raising the retirement age by two years could lead to 'drastic benefit cuts.'The Center for American Progress has warned that raising the retirement age from 67 to 69, a proposal earmarked by the Republican Study Committee in its two previous budgets, could cost future retirees as much as $6,900 per year.
Those who retire at 62, the earliest age at which Social Security retirement checks can be claimed, would lose $4,140, and those who delay their retirement until they turn 70 would lose $8,892, according to CAP's calculations.
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