A top House Republican, Kevin Hern, has put forth a proposal to increase the retirement age for Social Security benefits in an effort to address the program's projected insolvency by 2033. Hern, who chairs the Republican Study Committee (RSC), released a budget plan that includes conservative measures to reduce federal spending and extend the lifespan of Social Security.
If no action is taken, Social Security could face a significant cut of around 20% in 2034. One of the options Hern suggested is raising the full retirement benefits eligibility age from 67 to 69, a controversial idea that has been met with caution by leaders from both major political parties.
