How do younger adults feel about suggestions of raising certain age limits for Social Security benefits? To find out, ResumeBuilder.com surveyed more than 700 Gen Z individuals (born between 1997 and 2012, with the oldest now 24) and Millennials (between 25 and 40 years old). The results:
- 51 percent of the two age groups want a lower full-retirement age; and 60 percent want it changed to 60 or lower. Reason: Giving more employment opportunities to younger workers.
- 16 percent say the retirement age should be raised, and 34 percent say it should stay where it is now (66 and two months for people born in 1955, 67 for those born in 1960 or later).
- Two-thirds are counting on Social Security money when they qualify, yet almost half believe there won’t be any.
- 75 percent believe wealthy Americans shouldn’t qualify for Social Security.
Currently, 62 is the earliest age at which benefits can be claimed. Full benefits can be received starting at 66.
Resumebuilder.com, an online service for designing resumes and career resources, conducted the survey in response to support from Nikki Haley, a Republican candidate for president, for raising the retirement age as way to prevent Social Security funds from running out. Such a proposal, including one by a bipartisan group of U.S. senators to make 70 the new age for full-benefits eligibility, is a subject of political and societal debate. Opposition exists within Congress, the general public, and seniors’ advocacy groups.
The federal government has said 2033 is the year when there could be insufficient funds to fulfill Social Security payouts.
Raising the age for full benefits reportedly wouldn’t affect people already receiving benefits. The impact would be highest for younger adults, who might have to work longer.