The millions of young Americans might be have to wait until the age of 70 to avail the full Social Security retirement benefits, in case a proposal, considered by some prominent lawmakers, turns into a law. According to reports, the proposal would not affect those, who are slated to avail benefits in the next decade or two. However, reports state that the efforts are underway to raise the retirement age for full Social Security benefits. This might affect people who were born in the 1960's or later.
It's notable that the lawmakers are seriously considering the suggestion in the light of an inescapable challenge of the nation's enormous debt. Social Security was created in 1935 and retirement age was fixed at 65. Presently, the retirement age is 66 for people born between 1943-54. Later it was raised by two months for each birth year (66 years and two months for those born in 1955, 66 and four months for those born in 1956 and so forth). But the people who were born in 1960's or later are slated to get full benefits at age 67.
Analysts believe increasing retirement age to 70 would not draw strong opposition from the public, mainly because it would not have an immediate impact on them. Instead it would give an impression that the country's lawmakers are serious about resolving escalating debt crisis.
"For a while, there's been a consensus among economists that raising the retirement age makes a lot of sense," said Richard Johnson, a senior fellow and the director of the Retirement Policy Program at the Urban Institute, a Washington research group. "There are some incredible ramifications to raising the age," said Barbara Kennelly, the president of the National Committee to Preserve Social Security and Medicare. "Not everyone can work until they're 70."
