A bipartisan group of senators is reportedly considering raising the age of retirement to receive
Social Security benefits as part of broader efforts to overhaul the welfare program as a whole.
Sens. Angus King (I-ME) and Bill Cassidy (R-LA) are working toward revising the Social Security framework amid concerns the program's
trust fund will become “insolvent” within the next decade, spokespeople for the senators told the
Washington Examiner.
“This is an example of two leaders trying to find a solution to a clear and foreseeable danger,” the spokespeople said in a statement. “Although the final framework is still taking shape, there are no cuts for Americans currently receiving Social Security benefits in our plan. Indeed, many will receive additional benefits.”
A final plan has not yet been approved by the senators, and it’s not yet clear what solutions it may include. Negotiations over the plan have been in the works for nearly two years.
However, the pair is reportedly considering raising the Social Security retirement age to about 70 as part of its solution,
sources told Semafor. The current retirement age for Social Security is 67 years old for anyone who was born after 1960, according to amendments that were made to the program during Ronald Reagan's presidency.
Beneficiaries can opt for early retirement at age 62, but they will not receive full benefits until they turn 67, according to the Social Security Administration. For those who wait until they are 70 to retire, their Social Security benefits will increase.