Social Security Shake-Up: How Raising the Retirement Age Could Impact You

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Social Security has long been a cornerstone of retirement planning for millions of Americans, providing a crucial safety net in their golden years. However, recent proposals suggest significant changes could be on the horizon, potentially altering the landscape of retirement as we know it.

Congressman Brendan Boyle recently requested information from the Congressional Budget Office about raising the full retirement age for Social Security benefits. The report is back and we’re taking a look at potential changes and what they might mean for retirement planning.  Mike shares insights on the potential effects of these changes, including increased taxes and reduced benefits for early retirees, and offers strategies for maximizing Social Security benefits.

Here’s some of what we discuss in this episode:

  • Brendan Boyle’s request for information from the Congressional Budget Office regarding raising the age for full Social Security benefits.
  • The increased penalty that could come if you claim Social Security benefits early.
  • Why is Congress considering making changes to Social Security?
  • Strategies to consider to maximize Social Security benefits.

 

If you are interested in any of the topics we discussed, please reach out and we would be happy to help you navigate your financial situation.

 

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