Raising Social Security’s Retirement Age Is the Least Bad Option
Republicans in Congress have proposed a plan to shore up the Social Security Trust Fund, mainly by slowly increasing the retirement age from 67 to 69. Despite an immediate objection from President Joe Biden and top Democrats, raising the retirement age is crucial to the long-term health of Social Security.
As recently as 2020 Social Security took in more revenue than it paid in benefits. But the tables have turned, and the federal government expects the program take in $1.17 trillion this year and pay out $1.32 trillion. The $150 billion shortfall will be made up by drawing down on the program’s $2.63 trillion trust fund.