What Could Raising the Retirement Age to 70 Mean to You?

Sometime within the next eight or nine years (depending on who you ask), the Old Age and Survivors Insurance (OASI) trust fund is expected to be depleted. If Congress allows the fund to dry up without a backup plan, Social Security benefits for retirees could be cut by 20%. It's not a given that Congress will allow the fund to go bankrupt, and this crisis is not the first of its kind. In 1983, Congress was compelled to take action to ensure continued payments to the American people. The trick is to come up with a solution that all parties can agree upon. Here's a sample of proposed ideas: Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool