In an article last week we explained why some people have the mistaken belief they have to wait until age 70 to receive their full Social Security benefit. The article included this statement: “Under current law, no one has to wait until age 70 to receive their full benefit, and no one is proposing that this will be true in the future.” We have to amend that statement.
In an interview June 29 with the Pittsburgh Tribune-Review, House Minority Leader John Boehner, R-Ohio, suggested possible ways to reform Social Security, including raising the retirement age to 70 for people who are still at least 20 years away from retirement. He also suggested replacing the wage inflation adjustment with the more slowly-growing price inflation adjustment, and imposing a form of means testing so that people with other sources of income in retirement would see their Social Security retirement benefits reduced.
It remains true that current law provides the full benefit for all current and future Social Security retirees before age 70. Boehner’s statement is not a formal proposal but may indicate a future move in that direction.