A survey by the Program for Public Consultation School of Public Policy at the University of Maryland found 79% of Americans are in favor of raising a person's full retirement age to 68 from the previous 67, according to the personal finance website The Motley Fool. This would lead to benefit cuts for all recipients born after 1960 and could bring lower-income retirees below the poverty level. On the other hand, the strategy is likely to encourage seniors to postpone retirement and could push more Americans to save up instead of relying solely on Social Security benefits for their retirement funds. Find out more about this here.
What does this mean for you? It means that there has never been a better time to start securing your future then right now. Contact Benefits Square and ask us how we can help you plan for retirement.