Many retirees count down the days until they are eligible for Social Security benefits.
But that age could change as lawmakers look to improve the program’s financial outlook.
Social Security’s trust funds are running low. Based on the most recent projections, just 79% of promised benefits will be payable by 2035.
That has prompted Washington lawmakers and Social Security experts to contemplate how to restore the program’s solvency for current and future beneficiaries.
One change could be raising the age when workers become eligible for their full benefits.
The last time sweeping changes were made to the program was in 1983 under President Ronald Reagan. Like now, the program’s long-term solvency was then in question.
That legislation increased the full retirement age to 67, from 65, over 22 years, a change that is still getting phased in today.
New congressional research takes a look at how raising the full retirement age again could work.
Generally, mandating a higher threshold could help prompt people to work longer, delay claiming benefits and receive monthly checks for a shorter amount of time compared with current rules, the report found.
But there could be some unforeseen consequences to such a change.