"Raising Social Security's FRA is an option lawmakers can look at to prevent benefit cuts. Forcing workers to wait longer to claim their benefits lowers near-term expenses for the program and can reduce the total lifetime benefits paid to retirees."
"If lawmakers vote to increase Social Security's FRA, the people who get hurt by that decision are most likely going to be younger workers. A change of this nature would probably need to be phased in, similar to the phase-in for workers born after 1954."
Social Security's full retirement age (FRA) is currently 67 for those born in 1960 or later. The program faces a funding shortfall, potentially leading to benefit cuts by 2032. Raising the FRA could help reduce expenses and encourage longer workforce participation, increasing payroll tax revenue. However, younger workers are likely to be adversely affected by such changes, as adjustments would likely be phased in, leaving them to wait longer for full benefits.
Read at 24/7 Wall St.
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