The government of the US might increase the retirement age further to keep the social security resources solvent. This is because the trust funds might be depleting in the near future as people are living longer and healthier which is why you should Say Goodbye to Retirement at 67. According to the new policy changes, the new suggested age could reach 68, 69 or 70 years in the near future. This also means that people should plan their careers to extend even beyond their 60s. For a longer retirement, this also makes savings more critical, although the current retirement age is 67.
Any changes in the retirement age will affect the money plans and people may have to work longer in the future. A long career is becoming normal for everyone now and you must have a lot of money saved from your working years. Another smart move is to start your social security benefits later and prefer waiting till the age of 70 and your monthly checks will be much larger. When you are older, you can plan for part-time work or start saving with accounts like 401(k) or IRA.
Say Goodbye to Retirement at 67
The retirement age in the US might be increased in the near future; as people are living longer, it might save the social security resources longer. Hence, people should work longer and take control of their financial future. You should now Say Goodbye to Retirement at 67 because US Government is planning to increase it. The goal is to ensure your savings and benefits can support a retirement that may be both delayed and longer. By understanding these trends and acting now, you can work toward a stable and secure future on your own terms, regardless of when the official retirement age is set.
New Retirement Age To Collect Social Security Benefits
| About | New Retirement Age To Collect Social Security Benefits |
| Country | USA |
| Authority | Government of the US |
| Category | US Finance |
| Year | 2026 |
| About | Increase in retirement age |
| New US Retirement Age | 67 to 70 years |
| Reasons | Save social security resources, longer life expectancy of people |
| Future steps for beneficiaries | Save more, work part-time, and open a savings account with 40K or an IRA. |
| More information | Official site of the federal government |
Reasons For Increasing The Retirement Age From 67 In Near Future
- There is a possibility that the social security funds might be depleted by the mid-2030s.
- On average, people in the US are living longer as their life expectancy is increasing.
- Raising the age reduces program costs by decreasing lifetime benefit payouts.
- The ratio of workers to retirees in the US is constantly shrinking, which is straining the funding system.
- Future policy aims to keep more experienced workers in the labor force longer.
How To Prepare For New Retirement Age In United States
- In a tax-advantaged retirement account save more money and start early.
- Plan for a longer, more flexible career by continuously updating your skills.
- You can delay taking your social security benefits to increase the amount of benefits you can have.
- Prioritize health and aggressively save for future healthcare costs, using an HSA if possible.
- To have fixed expenses, make sure you clear all your debts before your retirement years start.
FAQs: Say Goodbye to Retirement at 67
What is the current retirement age in the US?
The current retirement age in the US is 67.
What could be the increase in retirement age in the US?
The new retirement age in the US could be between 67 and 70 years.
How does increasing the retirement age affect the social security resources of the federal government?
Increasing the retirement age in the US could preserve the social security funds for a longer time.
