The Social Security Administration (SSA) has predicted for years that it will be forced to reduce Social Security benefits because of a growing funding shortfall. The agency is expected to reduce the benefits sometime after 2033 unless Congress makes some changes. At least one of the proposed changes is to raise the retirement age at which a retiree can receive full Social Security benefits.
The need to make changes to Social Security, CNBC says, is because the agency has revealed that it will only be able to pay about 80 percent of the regular Social Security payments by 2034. Because so many people depend on that retirement monthly income, it would be disastrous for retirees and those planning on retiring soon.
