Raise the Age for Collecting Social Security?

According to a Bank of America Corp. survey, about 59 percent of those with more than $250,000 in investments said that the government should increase the eligibility age for collecting retirement benefits, reports Investment News.

Social Security allows recipients to take reduced payments as early as 62. It provides full benefits at age 66 and increases payouts for those who wait until they reach 70.

Since people are living longer and there are fewer workers supporting each retiree, the Social security trust fund is projected to begin shrinking after 2022. The program is funded by payroll taxes.

This month, Congress voted to extend through this year a two-percentage-point cut of Social Security Benefits taken out of workers’ wages.

A separate study released in December by Wells Fargo & Co. found that about 47 percent of Americans in this category would be willing to take a cut in Social Security or Medicare benefits if the money went to reducing the U.S. debt.

Wealthy Americans estimate that on average, Social Security will only cover about 23 percent of their monthly retirement income, according to the study.

Although Americans are worried about having enough saved for retirement, they are also concerned about the U.S. deficit and solvency of Social Security, according to the director of retail retirement for Wells Fargo.

If you or someone you know needs help with Social Security Disability benefits, contact the Social Security Disability lawyers at Fleschner, Stark, Tanoos & Newlin.