Bismarck, North Dakota – After narrowly avoiding a partial government shutdown, Congress has reignited discussions about the future of Social Security with a new proposed blueprint that has advocates concerned. A House caucus of over 170 Republican lawmakers has put forth a plan for the 2025 fiscal year, which includes raising the retirement age for Social Security eligibility to address increases in life expectancy.
Nancy Altman, president of the advocacy group Social Security Works, has criticized the proposal, stating that raising the retirement age essentially amounts to a benefit cut for individuals. Altman argues that even if individuals work until age 70, their benefits will still be approximately 7% lower than under current law.
AARP North Dakota has also expressed alarm about the plan, calling for no cuts to Social Security benefits. While Social Security may face financial challenges in the future, Altman is in favor of President Joe Biden’s suggestion to raise payroll taxes on the wealthy to ensure the program’s long-term sustainability, although some skeptics doubt it would be sufficient.
In response to the GOP framework, Altman and other advocates believe that reducing benefits for higher earners could negatively impact many individuals who are not considered wealthy in retirement. While Republicans assure that the proposed changes would not affect current or soon-to-be-retired seniors, concerns remain about the potential impact on middle-class individuals.
Rep. Kelly Armstrong, R-N.D., North Dakota’s sole Congressman, is supporting the proposal as part of the House caucus. The debate around Social Security’s future continues, with differing opinions on how to best address financial challenges while protecting the program’s beneficiaries.