Originally Posted by Article

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.

Originally Posted by Noisecanceller

And you can use your 401k penalty free at 59 1/2 yrs old

And if you’re relying on SS in retirement you’re not an airline pilot. SS is survival not retiring. It’s nothing. I’m fully expecting it to be age 90 or extremely reduced by the time I retire. I say let me opt out and they can keep the six plus figures they have from me so far.

Originally Posted by PineappleXpres

Kind of surprised Five Oh didn’t know about the 59.5 thing.

To your second point, safety nets are there for a reason. Take them away and you get impoverishment that exists in parts of the world that lead to major uprisings and revolutions. Think we’ll have to settle for Uncle Sam (mis)managing what will equate to about 20-25% of your retirement income.

Also, I plan on getting all my Viking cruises done between the age of 55 and 65. 65 plus I’ll be living simply, but comfortably in a lifestyle scaled for my golden years. Not sure how people expect to maintain vacation homes, boats and extravagant vacations after their peak earnings are behind them. Cultural entitlement I guess or the strain of trying to give your grandkids the lifestyle you were able to grant your kids.

Originally Posted by CincoDeMayo

Your retirement sounds like it's going to suck. It sounds like at 65 and you'll be doing early bird specials and clipping coupons.

Originally Posted by madmax757

I don’t see any reason why you’d want to retire before 65 from a major / legacy unless you don’t need the $. I’ll be senior enough to work 8 to 10 days a month in a few years. Also if you have medical issues all legacies and most majors have LTD. It seems the lowest I’ve seen is $8K a month and up depending on company. It’s usually tax free if you pay the premium after your taxes. I’d like to get my SS as I paid into it since I was 15 yo.