OPINION: The trend of people, on average, living longer, healthier lives has important implications for the U.S. retirement system, including one of the most vital pieces of it: Social Security.
The trend of people, on average, living longer, healthier lives has important implications for the U.S. retirement system, including one of the most vital pieces of it: Social Security.
Social Security needs to be financially solvent to provide scheduled benefits for all American workers. There are many reform options to address the program’s financial condition and modify the benefit structure, including those that reduce benefits and those that increase taxes. As the American Academy of Actuaries outlined in its recent issue brief, Raising the Social Security Retirement Age, one option that is being debated is raising the FRA again.
If Congress acts to address Social Security’s financial challenges, it could choose to raise the FRA, and it could package it with modifications to address these concerns.
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