Updated: Jul 7, 2021
JULY 1, 2021 - excerpted from the July RETIREE ADVOCATE
In May of 2021, the House Republican Study Committee proposed an alternative
federal budget which would slash both Social Security and Medicare. Yes, the party that helped the previous guy add nearly $8 trillion to the national debt has discovered austerity again!
Specifically, they want to cut Social Security benefits by ratcheting the definition of “full retirement age” up to 69 by 2030 (it’s currently 67 by 2022). Why is this a cut, you ask? It is a cut because it would result in an across-the-board “reset” of benefits downward, regardless of the year one actually chooses to retire. Bear in mind one may retire as early as 62 or as late as 70, incurring either a financial penalty or a bonus for each year before or after “full retirement age,” so it matters a great deal exactly what age is pegged to define full retirement.
(Read more and get details in the July Advocate)