Several Social Security and Medicare beneficiaries will expect an increase in retirement age following the new federal budget plan.
Social Security and Medicare Beneficiaries Will Expect Gradual Increase of Retirement Age Under New Budget Plan
Several Social Security and Medicare beneficiaries will expect a gradual retirement age increase under a new budget plan, allowing future eligible beneficiaries aged 69 to claim full benefits from the programs.
Following the proposal, the administration assured all the Social Security and Medicare beneficiaries that the new budget plan would not affect their benefits negatively but would help lessen the shortfalls of the previous budgets of the two programs.
According to reports, Social Security and Medicare beneficiaries will expect a retirement age increase, wherein individuals aged 62 in 2033 will expect a retirement age of 69, but current retirees and individuals nearing to retire will not be affected.
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New Plan to Increase Retirement Age for Social Security and Medicare Beneficiaries Receives Mixed Reactions
Despite the intention to provide relief for seniors, several individuals expressed their opposition to the new plan to increase the retirement age for Social Security and Medicare beneficiaries.
Several critics believed that increasing the retirement age would only hurt the beneficiaries and their benefits, Roll Call reported.
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