Major Social Security Change Under Republicans
Here’s what you need to know…
As the dust settles and lawmakers look to see who will gain the majority in both the House and Senate following the midterm elections, a number of changes may happen to Americans who receive Social Security benefits and Medicare.
According to CBS, some Republicans are rumored to wanting to raise the age of Social Security benefits to 70 years old.
Under a new plan by a group of conservatives in House, senior citizens would get a 5 year delay to claim Medicare. Currently seniors receive this when they turn 65.
President of Social Security Works Nancy Altman stated, “That means that for even those people who work to age 70, you never catch up with the cut in benefits.”
She then said, “It particularly hurts those in low-income, physically demanding jobs who are more likely to stop working earlier due to health issues.”
Altman added, “Most people don’t even work to their full retirement age, much less 70. This would add to insecurity and it would add to the retirement income crisis.”
It is currently unclear if Republicans really do plan on changing the retirement age to 70 however a number of top Republicans said they won’t. Only time will tell what happens.
