Will Social Security Changes Force You to Delay Retirement?
According to projections from the Social Security and Medicare Boards of Trustees, Social Security has a funding shortfall brewing. If the projections prove accurate, the federal program would have to lower benefits by about 20% in the mid-2030s.
One proposed solution to avoid benefit cutbacks is an increase to full retirement age. FRA is the age you become eligible for your full Social Security benefit, without adjustments for claiming early. Your FRA is between 66 and 67, depending on what year you were born.
There are positive and negative outcomes to an FRA increase. In theory, the change should be largely positive if it protects Social Security recipients from immediate, double-digit benefit cuts.
Source Fool.com
