re: fixing Social Security (and Medicare) with tax increases, benefits cuts and/or increasing retirement age, the article had some interesting notes.
For increasing retirement age, this is a hint of the GOP starting position. So currently now at 67 (for most) to 70 born in 1978 or later. And also calculation of benefits based on 35 vs 40 years. If I was born in 1978+, I'd think this really sucked.
Social Security: Fixing the entitlement program involves hard choices | CNN Politics
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Last year, the conservative Republican Study Committee released a budget plan that called for raising the full retirement age for future retirees at a rate of three months per year until it is increased to 70 for those born in 1978. It would then link the retirement age to future increases in life expectancy, as well as adjust the number of working years included in benefit calculations to 40 years, up from 35 years.
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Didn't know about below. Prob offset by lower medical premiums/deductibles. but will have to research more.
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... the maximum Social Security benefit in the US is two to three times higher than the maximum retirement benefit in Canada, the United Kingdom, Australia and New Zealand.
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Below isn't intuitive to me, I always thought COLAs were a little behind. I looked him up but all I found were podcasts/YT and didn't bother watching it. I'd like to understand his assumptions & logic.
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New retirees’ Social Security benefits are one-third higher today than they were for folks who retired 20 years ago, even after accounting for inflation, according to Andrew Biggs, senior fellow at the right-leaning American Enterprise Institute.
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