Beginning
this
year,
the
baby-boom
generation
—
primarily
those
born
between
1945
and
1960,
depending
on
the
social
scientist
you
talk
to
—
will
reach
“peak
65.”
This
is
the
beginning
of
a
period
that
will
see
the
largest
numbers
of
the
cohort
turn
age
65.

But
as
the
population
reaches
this
milestone,
a
bill
currently
being
debated
in
Congress
about
the
retirement
age
for
aviators
has
bled
into
the
larger
conversation
about
the
full
U.S.
retirement
age,
and
whether
or
not
it
needs
to
change,

according
to
a
report
from
CNBC.

“More
than
11,200
Americans
will
turn
65
every
day
—
or
over
4.1
million
every
year
—
from
2024
through
2027,
according
to
estimates
from
the

Retirement
Income
Institute
at
the

Alliance
for
Lifetime
Income,”
the
story
stated.
“Age
65
has
traditionally
been
thought
of
as
retirement
age.
The
milestone
still
marks
the
point
at
which
individuals
become
eligible
for
Medicare
coverage.”

That
will
be
different
going
forward
for
Social
Security
beneficiaries,
as
those
who
were
born
in
1960
or
later
will
need
to
reach
age
67
to
access
their
full
benefits.

The
bill
being
debated
in
Congress
right
now
revolves
around
reauthorization
for
the

Federal
Aviation
Administration
(FAA).
A
version
of
a
reauthorization
bill
in
the
House
raises
the
retirement
age
for
FAA
workers
to
67,
while
the
Senate
will
soon
be
progressing
its
version
to
the
“markup”
phase
in
committee,
according
to

The
Hill.

But
the
shift
in
full
retirement
for
FAA
workers
to
age
67
in
the
House
version
of
the
bill
has
reignited
longstanding
debates
about
fiscal
solvency
versus
the
protection
of
existing
entitlement
programs,
CNBC
noted.

“Social
Security
faces
an
imminent
deadline
by
when
changes
must
happen,”
the
report
stated.
“The
program’s
combined
trust
funds
are
projected
to
run
out
in
2034.
The
projected
depletion
date
for
the
retirement
fund

is
sooner
in
2033,
according
to
the


Social
Security
Administration.
Beneficiaries
will
face
a
more
than
20%
benefit
cut
if
nothing
is
done
by
those
deadlines.”

It’s
possible
that
the
issue
could
get
additional
attention
on
the
presidential
campaign
trail.
But
the
two
leading
candidates
in
the
race
—
incumbent
President

Joe
Biden
and
former
President

Donald
Trump
—
have
each
vowed
to
preserve
the
current
standard
retirement
age
of
65.

Former
United
Nations
Ambassador
Nikki
Haley
is
the
only
active
presidential
candidate
who
has
endorsed
the
idea
of
raising
the
retirement
age,
the
story
explained.

Experts
told
CNBC
that
raising
the
retirement
age
to
67
would
effectively
constitute
a
benefit
cut.

“Such
a
change
would
encourage
workers
to
retire
later,
and
therefore
continue
to
pay
money
into
the
program,
or
take
reduced
benefits,”
the
story
said.
“While
that
would
positively
affect
Social
Security’s
finances,
the
change
would
result
in
a
20%
benefit
cut
across
the
board
to
lifetime
benefits,
the
Center
on
Budget
and
Policy
Priorities
has
found.”

The
benefit
reduction
would
be
higher
for
those
opting
to
take
their
Social
Security
proceeds
at
62,
amounting
to
a
43%
reduction.

However
things
go,
retirement
experts
say
that
if
changes
are
on
the
table,
then
time
is
of
the
essence.
One
expert
with
this
view
is
Jason
Fichtner,
chief
economist
at
the

Bipartisan
Policy
Center
and
executive
director
of
the

Retirement
Income
Institute.

“We
have
to
do
this
now,”
Fichtner
said.
“We
probably
have
a
four-year
window,
being
optimistic,
to
really
start
making
plans.”

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