Possible Changes Ahead for Social Security's Delayed Retirement Credits
Saturday, 9 March 2024, 10:02
Social Security's Delayed Retirement Credits
1. FRA could shift down the line
- Lawmakers are considering raising the full retirement age (FRA) from 67 to 68 or 69 to address Social Security's funding shortfall.
- If FRA increases, people may get a limited time to accrue delayed retirement credits, prompting potential changes in the rules.
2. Seniors without savings need a lifeline
- Many older Americans face retirement with insufficient savings, leading to concerns of a retirement crisis.
- Possible extension of the window for accumulating delayed retirement credits could help seniors boost Social Security benefits.
Currently, turning 70 marks the end of accruing delayed retirement credits, but future shifts in Social Security rules could alter this.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.