House Republican budget calls for raising the retirement age for Social Security
A new budget by a large and influential group of House Republicans calls for raising the Social Security retirement age for future retirees and restructuring Medicare.
For Social Security, the budget endorses "modest adjustments to the retirement age for future retirees to account for increases in life expectancy." It calls for lowering benefits for the highest-earning beneficiaries. And it emphasizes that those ideas are not designed to take effect immediately: "The RSC Budget does not cut or delay retirement benefits for any senior in or near retirement."
Biden has blasted Republican proposals for the retirement programs, promising that he will not cut benefits and instead proposing in his recent White House budget to cover the future shortfall by raising taxes on upper earners.
Honestly this might be the only thing that gets my parents to vote in their best interest. Because theyre slightly over one presidency away from retiring.
It won’t impact anyone who retires in the next 15-20 years. I guarantee it. They’re targeting Gen X and millennials with this one.
GenX will largely be retiring in the next 15-20 years. So if your estimate is true, its squarely targeting Millennials. Goddamn, how much more can Millennials take? They were in college at the peak of tuition costs, with high student loan interest rates, graduated right into the time of the Great Recession, having their career progress stunted by the pandemic, haven't been able to save for retirement on their own, and now Republicans want to raise the bar again so they can't retire on Social Security until later, and even when they do they'll get lower payouts?
I can't even imagine what Millennials are feeling now.
Yea I suppose it’ll be the younger gen xers impacted. But yea, it’ll be us millennials that get fucked the hardest by these boomers.
Mostly im feeling hopeless, but that’s in no small part because I’ve been unemployed for 3 months and have only landed one interview in that time.
Gen X will be retiring never. I'm older genX and nope. It's true we are close to the age our parents did (well, not my parents actually, dad died in his 50s and Mom worked till mid 70s) but no, the "wealth transfer" will skip us, we will just work, barring disability, straight through. I take my PTO, work out, and try to move through life at a sustainable pace in general.
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