Proposed reforms to Social Security may significantly impact near-retirees, with plans to increase the minimum retirement age from 62 to 64, and delay full benefits. High-income retirees earning over $250,000 could face tiered cuts in their payouts, with greater reductions for those nearing $1 million. Additionally, other entitlement programs like Medicare and Medicaid may undergo reforms, which could put additional pressure on future retirees' finances. To navigate these changes, consulting a financial advisor is recommended to ensure preparedness.
Proposed reforms may raise the minimum retirement age from 62 to 64, impacting near-retirees by delaying benefits and accruals, thus altering their financial plans.
High-income retirees earning over $250,000 could face tiered reductions in Social Security payouts, particularly those closer to $1 million, straining financial stability.
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