Home Personal Finance Why some in the GOP are floating upping retirement age for some Americans

Why some in the GOP are floating upping retirement age for some Americans

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    Republican Presidential Candidate and former U.N. Ambassador Nikki Haley participates in a conversation with Senator Joni Ernst (R-Iowa) hosted by the Bastion Institute on March 10, 2023 in Clive, Iowa

Republican presidential candidate Nikki Haley participates in a conversation with Senator Joni Ernst (R-Iowa) hosted by the Bastion Institute on March 10 in Clive, Iowa.Photo: Scott Olson/Getty Images

Some Republicans say they should “consider” changes to the credentialing program, such as raising the retirement age to extend the initiative.

Big picture: Credentials reform is a hot topic politically and could be a key part of a presidential candidate’s message heading into 2024.

  • Medicare is one of the largest items in the US budget and is expected to become more expensive as the population ages, reports Caitlin Owens of Axios.

State of play: President Biden last week proposed extending Medicare solvency for another 25 years.

Americans are now File You can receive Social Security benefits at age 62, but you cannot receive full benefits at that age. The full retirement age is between 66 and 67, depending on your date of birth.

  • 2022, Social Security Trustee Estimated in report The fund will only pay full benefits to retirees until 2035, the report said. After that, the report estimates that the benefit will be paid at 80% through 2096, when it will decline to 74%.
  • with US Population Agingfewer Americans are paying for Social Security, which is also supporting an increase in beneficiaries living longer.
  • The combination of rising life expectancy and fewer workers paying social security funds is exacerbating the problem for programs that have long warned they may run out of money.

Notable: The retirement age was previously raised. In 1983 Congress voted gradually raise Full retirement age between 65 and 67, owing to increased life expectancy and workers continuing to work for longer periods.

News promotion: Former South Carolina Governor Nikki Haley (Republican), who is running for president in 2024, said she supports changing the retirement age for Americans in their 20s.

  • Haley told Fox News: “It’s unrealistic not to mention your eligibility.
  • “The problem is, I don’t need to touch it for seniors or people nearing retirement. I’m talking about new generations like my kids coming up,” she added.

Louisiana Senator John Kennedy (R) Also on Sunday, lawmakers said they should discuss raising the retirement age for Americans in their 20s.

  • Kennedy told Fox News, “Life expectancy in your 20s is probably 85-90 years.
  • “Does it really make sense to allow someone in their 20s today to retire at 62?” he added.
  • “These are things we should be talking about. There are changes in Medicare that we should be talking about,” he said.

Congressman Nancy Mace (RS.C.) He also said that raising the retirement age for receiving social security benefits “needs to be considered.”

  • Mace told CNN She said she supports the possibility of raising the retirement age “unless someone is looking to retire right now.”
  • “We don’t want to exclude people who have retired or are about to retire, but if we’re talking about the younger generation…it should be on the table.”

Line spacing: Former President Trump has warned Republicans to avoid changes to Medicare and Social Security amid the ongoing debt ceiling battle.

Deeper… Biden Sets New Trap With Republican Budget Provocations

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