The age at which you can receive full Social Security benefits is rising to 66 years and 10 months starting Thursday. This increase is the second-to-last step before reaching the retirement age of 67 in 2026.
Financial experts advise considering when to sign up for benefits based on individual circumstances, including health and family history of longevity. Waiting past the full retirement age can guarantee additional benefits, with an 8% annual increase per year. However, those who expect a short life expectancy or need money early may opt to collect benefits earlier.
A proposed plan to raise the retirement age beyond 67 faces opposition from some lawmakers. Without changes, the Social Security trust fund is expected to run out of money by 2033, with recipients receiving only 79% of their benefits starting then. Experts predict that solving the system’s financial issues will be challenging due to politics and public opposition.
As life expectancy increases, more years of benefits are spent on average individuals. The system faces long-term strain, but a solution is unlikely in the near future.
Source: https://www.newsday.com/long-island/social-security-age-retirement-naazf2a6