A recent survey by ResumeBuilder found that 51% of millennials and Gen Zers would like to see the full retirement age (FRA) for Social Security lowered to age 60 or lower.
Social Security’s Full Retirement Age Should Be Lowered, 50% of Younger Workers Thinks | Social Security Intelligence
They believe that a lower full retirement age would create more job opportunities for younger workers.
They also believed that a lower full retirement age would allow for earlier retirements overall.
However, Social Security’s finances do not currently support a lower full retirement age, and the program is projected to face a financial shortfall in the coming years.
One proposed solution to prevent benefit cuts is to raise the full retirement age for younger workers to 68 or 69. Therefore, it is unlikely that the full retirement age will be lowered.
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While it is unlikely for the full retirement age to be lowered, individuals can still plan to retire early without relying on Social Security.
Even without the full retirement age lowered, one effective strategy is to start saving and investing strategically from a young age.
By setting aside a portion of their income and investing it wisely, individuals can build a substantial nest egg that can support them during their retirement years.
Additionally, exploring alternative retirement plans, such as individual retirement accounts (IRAs) or 401(k) plans, can provide additional financial security. Through these, the younger generations can ensure a comfortable retirement, even without relying solely on Social Security.
READ MORE|50% of Younger Workers Think Social Security’s Full Retirement Age Should Be Lowered
