Some say it will be beneficial for the organization others say it will be detrimental for the Social Security but beneficial for the insured.
Under the current Social Security laws a person born on or before 1937 has to retire at age sixty five, a person born between 1943 and 1945 is sixty six years old and the retirement age for people born in 1967 and beyond in sixty seven years old. This is something that should be equalized and converted to one retirement age to avoid confusion and allow for better organization and financial administration. Many people are not able to retire with the funds they receive from Social Security and they are forced to get other jobs or find alternatives to complement their retirement.
It is possible to increase the amount on your social security check by deferring retirement until age seventy. This will cause an increase of two percent per year on your social security income. Since many people are unable to pay for their everyday expenses with the amount they are getting from Social Security, many have chosen to defer their retirement. When these people finally retire they will receive greater amounts than those budgeted or calculated by Social Security. This will affect the office and benefit the retiring persons.
As said before people retire according to the year they were born, after some time everybody will retire at the same time but for now there are several options. Changing the retirement age by increasing it will allow the Social Security more time to secure the funds for the time those born today will retire. It will also allow individuals who have good jobs and good salaries to continue earning those salaries for some time before becoming the state’s responsibility. There is no perfect answer to what the results of changing the retirement age would be, in some cases it will benefit the person retiring and in other cases it will benefit Social Security. The important point is Social Security’s ability to secure the funds necessary to sustain the people who retire every year.