Apart from the meager 2.8% COLA…
Social Security will see a very important change next year.
And it will not be appreciated by most people either.
Since 1985…
The government has been pushing the full retirement age (FRA) higher to keep SS solvent.
It is now 66 years and 10 months for anyone born in 1959.
But that’s about to change starting next year.
It will now be 67 for everyone born in 1960 or later.
This is not good news at all.
We already have one of the oldest retirement age minimums in the western world.
Plus, many people – particularly those with physical jobs – can’t make it to 65 a lot of the time. Let alone 67 and beyond.
Frankly, the current path of Social Security is a disgrace.
The SS trust funds are on a path of being depleted in less than a decade.
Because of this, SS recipients now face a bleak and uncertain future with their earned benefits.
That’s why it’s more important than ever to secure your financial future with effective tools that can boost your income.
Ian