Social Security cuts were floated around in a late-stage Republican budget proposal in anticipation of the party securing control of the House and the Senate. The proposal called for raising the age at which you can begin to collect Social Security benefits to 70, from 67.USATODAY.COM
Cuts you say? When you can begin to collect Social Security benefits?
Adjusting full retirement age to consider changing life expectancy is not cutting benefits. You can begin to collect at 62, not 70. No matter, use the words “cut” and Social Security in the same sentence and you get attention.
It should be noted though that not everyone has benefited equally from increased longevity, namely lower income and minorities. That must be considered as well.
Raising the FRA to 70 does eliminate the 8% per year delayed retirement credits (DRC). Plus claiming at 62 will increase the reduction to FRA benefits for those claiming early. IMHO to fix SS we also need to add a 3rd breakpoint in benefits calculation to phaseout the 10% above the 2nd break point and require FICA on all earned income.