Could Social Security's Full Retirement Age Rise Again?
Social Security is instrumental in keeping millions of retired workers afloat. But the program is facing a funding shortfall that, if left unaddressed, could result in a major reduction in retirement benefits across the board.
If that cut in benefits were to actually happen, a frightening number of seniors would be pushed dangerously close to the poverty line, if not below it, while future retirees would risk a similar fate. As such, lawmakers are heavily invested in salvaging Social Security and avoiding any sort of universal slashing of benefits.
But one potential solution to Social Security's financial woes has some advocacy groups up in arms. Utah Senator Mitt Romney recently introduced a proposal that involves one major change to Social Security as we currently know it: raising the full retirement age, otherwise known as the age at which seniors can collect their monthly benefits in full.
Source Fool.com
