Social Security – This Will Change Benefits Forever! – Social Security Update 2022
Social Security, this will change benefits forever. I have all the details and what you need to know right here in the topic, so let’s get right into it. I know in this topic we’re going to be discussing some new information that was just released in regards to some new changes they want to make to Social Security benefits which would impact upon millions of beneficiaries and it would change Social Security benefits forever. This is a serious issue that I want to bring to your attention right here on the topic.
And because I am your one and only daily advocate, I’m here for you, right by your side, every single day, looking at all this new information, hitting the wire, doing all the necessary research, and breaking it all down. Into these short topics so you can stay updated with what is actually going on and major changes and major announcements just like what we’re going to be talking about right here in this topic. And ultimately, I want you to know what is out there right now you can possibly grab and or take advantage of, including money, benefits, raises to benefits, checks, programs, stimulus, or anything else like that.
Of course, I want to bring it to your attention right away as well as keeping you updated with everything going on as things are changing so incredibly fast right now. So again, thanks so much for joining me. Please subscribe down below if you haven’t done so yet, so you don’t miss any topics going forward. And also remember, I’m here for you in any way that I possibly can be. That’s my dedication, that’s my commitment and that is my promise to you and everybody right here in the community.
All right, thanks again. Let’s get into it and talk about the major issue that I want to discuss right here in the topics and the ideas they are now floating as far as the major changes they want to make to Social Security and how this would impact millions upon millions of people going forward. So let me talk to you the details about this. However, I do want to throw this out there really quickly. I am not here to instill fear in anybody, but rather, I do want to bring this to your attention because honestly, we do know that there are some major issues with the finances of Social Security and they got to make some major changes to it, right?
We know about the insolvency issue coming in about twelve or so years out in mid 2035 or so, give or take a couple of years. But the fact of the matter is we know that there are some major issues. So they’re playing around with a lot of different ideas out there, like including raising Social Security payroll taxes, possibly pushing out the full retirement age, all kinds of different ideas that they’re floating out there to actually make sure that Social Security is around for many generations to come. However, here’s the latest idea, and again, I want to bring this to your attention. At the same time, I also want to say this much as well.
This has not been passed through Congress, so it’s not written in stone. It does not mean that this is going to happen. However, this is something that is a real possibility and I want to bring this to your attention right away. All right, so here’s what it comes down to. As we all know, you can start claiming Social Security benefits as early as age 62, right?
This has been a thing for a very long time. For many, many years you’ve been able to claim Social Security benefits at the age of 62, as early as 62. Otherwise, you can wait until your full retirement age if you’d like, not required. Or you can wait until after your full retirement age, whatever you see fit. So basically, you can claim benefits as early as 62 all the way out until the age of 70 is pretty much that eight-year window that you can start claiming Social Security benefits.
Well, here’s another idea that they’re floating out there right now. And I want to back this up by some of the other evidence that they’re also playing out with this report here. And again, this is all going to play into the kind of the building of the evidence and everything that they’re trying to convey here with this report. So what they’re now saying is that the life expectancies of people in the United States, as in Americans, life expectancies have increased substantially since 1935 when Social Security was passed into law. Right.
So if you didn’t know that actually Social Security has been around since 1935. Yeah, a very long time Social Security has been around. Well, here’s the thing. Way back in 1935, when Social Security was passed into law, the life expectancy for men and women was 60 and 64. Unbelievable, right?
Yeah, that is what they are saying, according to this report. So they said back in 1935. So almost 90 years ago, they said that the life expectancies of men and women were 60 and 64. However, the full retirement age at that time for Social Security was 65. So technically, the full retirement age to get full benefits was technically about a year beyond the life expectancy of most Americans.
OK? Now let’s fast forward to present about almost 90 years later. Here’s what it comes down to. Now, the life expectancy of most Americans now is between 83 and 86. So essentially the life expectancy has increased by about 20 years across the board.
Okay? But here’s the thing, individuals can still claim Social Security benefits as early as 62. So here’s what they’re suggesting, is that maybe we should push out not only the full retirement age, but make it so that beneficiaries can no longer claim benefits prior to full retirement age. Now again, these are not my words. This is what they’re talking about with this report.
Because here’s the thing they’re saying. What’s happening is there’s a huge percentage of beneficiaries that are claiming benefits prior to their full retirement age. In fact, I’ve seen different reports coming out. Anywhere between 50 and 66% of the population claims benefits prior to full retirement age. Now again, there’s nothing wrong with that.
If you want to claim your benefits early, you can. You’re entitled to do so. There’s nothing wrong with that at all. You can do that. And as you can see from these reports, 50 to 65, sorry, 50% to 66% of the population, depending on which reports you look at, claim benefits early.
So a lot of people claim benefits early. Anywhere between half and two thirds of the population claim their benefits before their full retirement age. And again, nothing wrong with that. You’ve earned the benefits. By all means, take them when you want them, okay?
However, they’re now suggesting that because there’s so many people claiming benefits prior to full retirement age, they should maybe eliminate the ability to claim benefits prior to your full retirement age. And then on top of that, maybe pushing out the full retirement age even further. Now, here’s the thing. This is one thing that I want to bring to your attention right away. Now again, we might look at this and think, oh wait, what does this mean?
I claim my benefits early, I’m receiving Social Security right now. Here’s what they’re suggesting. This would not impact any current Social Security beneficiaries, anybody that’s currently receiving Social Security, it would not impact you or your monthly benefits. However, for younger generations, that’s where they got to look out, OK? The younger generations who have not become the age where they can start claiming benefits, these are the people they would start impacting.
So according to what I was reading with this report, it looks like this would probably impact most people who are under the age of 40 as of right now. So they are the individuals who may have the full retirement age pushed way, way out on this, possibly as the full retirement age being 70, or possibly even beyond that. In fact, I even saw some reports going out suggesting but wait, back in 1935 the life expectancy was 60 to 64 and the full retirement age was 65. Well now we’ve got a full retirement age between 66 and 67, but yet the life expectancy is about 80, 83 to 86. So some individuals are even saying why don’t we push the full retirement age out until like 80?
I mean seriously, right? That’s not a good thing. Because what they’re continuously saying is that the life expectancy here in the United States continues to increase. Well yes we do know that right. Life expectancies have increased a lot over the last several decades here in the United States and with all the medicine and all of the medical breakthroughs and things like this they expect life expectancies to continue to increase over the coming years and decades.
Well obviously that’s probably pretty accurate as well, right? So as a result of that they’re now suggesting one of the major ways that they could save Social Security is by eliminating early claiming of benefits and then possibly pushing out the full retirement age significantly further out into the future. So again like I said before in other topics pushing out the goal posts yeah don’t you love when they do that? You know what I mean? You’re right there ready to kick a field goal and they say hey just kidding, we’re going to push this one out another 100 yards.
Well are you kidding me? You can’t kick it that far now. You know what I mean? So it’s kind of what they continue to do. So anyway, I want to make this very clear.
This is not going to impact anybody that is currently receiving benefits. So if you are somebody currently receiving Social Security retirement benefits or even disability benefits, it sounds to me, according to the reports I’m reading this would not impact you in any way, shape or form. However it’s the younger generations, the 40 and younger that might be impacted in a big way up by this. But again I also want to say this much as well. This has not been passed through Congress.
This would need to go through Congress. This is not something that just some guy can write up and say here’s what I’ve done, I’m going to change Social Security. The President cannot even do this through executive order. It must go through the congressional process. So again in order to get something like this done you got to have a huge percentage of Congress on the side of this right?
And they actually have need to vote in favor of this. So maybe one silver lining to this would be that Congress would really need to sign on to this and as of right now they’re not really doing a whole lot of anything right? So that’s maybe one little thing that we have up our sleeve on this one. But there’s another thing that they’re talking about out there right now to reform Social Security and make sure that it is solvent. In other words, having all the money that they’ve promised to Beneficiaries for many many more decades to come into the future.