New Social Security Proposal Could Let Some Americans Retire With Full Benefits at 60

A new proposal could let some Americans collect their full Social Security retirement benefits at age 60.

Rep. Haley Stevens, a Michigan Democrat, introduced the Blue Collar Social Security Fairness Act for people in physically demanding jobs, according to a U.S. Sun report published Thursday, September 24.

Per the Social Security Administration, under current rules, most people can start collecting Social Security at 62, but doing so reduces their monthly payments. People born in 1960 or later must wait until 67 to receive their full benefit.

“Michiganders who work with their hands shouldn’t be forced to wait until their bodies give out to retire,” Stevens said in a statement cited by the U.S. Sun. “If we want to honor the dignity of work in this country, we need to lower the retirement age for physical laborers.”

The proposal would not cover everyone who has held a physically demanding job. Per the report, to qualify, a person would need at least 20 years of eligible work or 15 points under a system that gives more credit for years worked at older ages. A year would count only if the person spent at least eight months in a qualifying job.

For example, a qualifying year worked between ages 18 and 34 would earn half a point, while a year worked at 55 or older would earn two points. If the bill passes, the Social Security Administration would identify eligible occupations and update that list every three years, the outlet reported.

The proposal arrives amid a broader debate over financial relief for older Americans. As First for Money previously reported, expanded property-tax breaks for older homeowners in Texas have prompted questions about how the state will make up the revenue and what younger homeowners may be left to pay.

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