Update on Social Security: What’s in the Latest Budget Cuts Proposal

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To reduce government expenditure and equalize the federal budget, several Republican senators brought forward modifications to Social Security.

On Wednesday, the House Republican Study Committee revealed a new plan that calls for modifying Social Security, including increasing the maximum age for retiring from 67 to 69.

The entire retirement age will raise beginning in 2026 by 3 months every year, except for people who have retired already or are on the verge of retirement, until it hits 69 for individuals who turn 62 in 2033. However, increasing the retirement age can result in reduced benefits for early retirees.

The proposal made the unclear claim that it will support Social Security’s financial stability.

Congressmen in both houses have been attempting to come up with ways to finance Social Security before its bankruptcy in 2033 whenever its trust fund will be completely spent. Republicans say that a failure to address Social Security’s budget issues might result in a 23% reduction in payouts.

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