#6 Age downside: the program’s retirement age keeps changing
When the program started in 1935, life expectancy was way different, as was the retirement age. As times have changed, so has life expectancy, as people live longer now than almost a century ago. The full retirement age for those born between 1943 and 1954 is 66, while for those born in 1937 or earlier, it is 65. For anyone who was born on or after 1960, the full retirement age is 67 years old.
The downside of this is that this retirement age keeps changing, and those who were born in the 1980s or even later may face a required age of 68 to be able to even make the first “standard” claim for the full benefits. This is three years later than other generations, and with how things are going, it seems like the retirement age will keep being pushed further and further.
