Is the Social Security retirement age likely to be raised because people are living longer?
Most financial experts agree that some form of Social Security will always be available, but that the system of the future will be very different. People are living longer, the first of the Baby Boomers are only now reaching retirement age, and fewer young people are entering the work force and paying Social Security taxes. The current system has to be changed or the whole thing will go bankrupt. Some in Congress have already talked about ways to change the Social Security system to ensure it will remain solvent enough for everyone to get at least some of their money back. One way would be to increase the age at which you would become eligible to start collecting benefits. Another would be to reduce the amount you can collect. The list of suggestions goes on and on, but one thing is certain: Change is coming, and benefits will be cut. That s one more reason why you need a retirement plan of your own instead of relying solely on Social Security.
