Greg Murphy: 2023: The RSC’s Fiscal Blueprint Would Raise The Age Future Retirees Could Claim Full Social Security Benefits From 67 To 69 And Cut Benefits By 13% for People Who Retired In 2033 Or Later

2023: The Republican Study Committee’s (RSC) Fiscal Blueprint Would Raise The Age Future Retirees Could Start Claiming Full Social Security Benefits From 67 To 69. “The largest bloc of House conservatives offered up a fiscal blueprint Wednesday that promises to balance the federal budget in seven years, make GOP tax cuts permanent, and slash domestic spending. The plan offered by the 175-member Republican Study Committee would gradually raise the age at which future retirees can start claiming full Social Security benefits from 67 to 69, a politically fraught proposal that’s all but certain to appear in Democratic campaign ads.” [Roll Call, 6/14/23]

The RSC Proposal Would Cut Benefits By 13% For People Who Retired In 2033 Or Later. “Under the RSC proposal, when the retirement age reaches 69 in 2033, all subsequent retirees would see their benefits cut by about 13 percent—a function of the way benefits are calculated in the Social Security program.” [Center for American Progress, 9/22/23]

Raising The Social Security Retirement Age Would Cut Benefits To New Retirees And Fall Hardest On Lower- And Middle-Income Beneficiaries. “Some policymakers, such as those on the Republican Study Committee, have proposed to raise Social Security’s full retirement age to 70 and beyond. Raising the retirement age cuts benefits for all new retirees — that is, those claiming Social Security benefits for the first time. These cuts could be deep, and they would fall hardest on lower- and middle-income beneficiaries because they rely most heavily on Social Security benefits. Moreover, they have not seen the life expectancy gains that higher-income people have experienced and that are often used as the rationale for raising the retirement age.” [Center on Budget and Policy Priorities, 4/25/23]