Today’s Hack
Social Security is the backbone of retirement for millions of Americans, but big changes may be coming. There’s plenty of speculation about what might change to improve the solvency of the program, and one simple fix would be to change the retirement age. On this episode, we dive into the recently released proposal to raise the full retirement age from 67 to 69 and what it means for your benefits, your future, and your financial security.
Here’s a little background. Congressman Brendan Boyle asked the Congressional Budget Office to provide information about the effects that increasing—from 67 to 69—the age at which workers become eligible for full retirement benefits from Social Security would have on workers’ benefits and on the program’s finances. While no official proposal has been written into a bill or law yet, it does prompt some important questions about what this means for income planning in retirement.
Phil shares his thoughts on the proposed changes and explains why planning becomes even more important with the uncertainty surrounding Social Security.
Read the report from the Congressional Budget Office: https://www.cbo.gov/publication/60516
Here’s some of what we discuss in this episode:
0:00 – Intro
1:56 – Phil’s opening thoughts
3:30 – Who could be impacted
5:19 – How benefits could change
10:18 – Funding your own retirement to stay on the safe side
11:54 – Don’t panic!
If you have any questions about what we discussed in this episode, reach out and we’ll be happy to set up a time to talk.