Many American Congressmen and women, hoping to solve the fiscal deficit issue without raising a single tax, believe reducing or revamping the benefits of Social Security would help do the trick.
The current age to receive full Social Security retirement benefits is 66 for those born between 1943-54, and 67 for those born after 1954.
A majority of affluent investors surveyed by Spectrem Group indicate that the current ages are appropriate for receiving Social Security benefits, although there are some investors who think the age deadline should be raised.
Approximately 60 percent of investors agree with the current ages, although those who identity as Democrats are more likely (66 percent) to agree with that assessment than those who identify as Republicans (59 percent).
Conversely, Republican are more likely to be in favor of increasing the retirement age, 41 percent to 34 percent among Democrats. There are suggestions of raising the age for full Social Security benefits to 69 years old.
In fact, 47 percent of Republicans believe the correct age for full benefits should be 70 or 71.
The earliest a person can start receiving Social Security retirement benefits is 62, but doing so cuts the monthly benefit by 25 percent. If you wait to begin collecting until after you reach full retirement age, you become eligible for delayed retirement credits, which increase your monthly benefit amount by 8 percent each year that you delay collecting, up to a maximum of 32 percent. Once you reach age 70, no additional delayed retirement credits accrue.
From a gender basis, 46 percent of males feel the age for full benefits should be raised, while only 29 percent of females agree. Also, age plays a factor, as 52 percent of investors over the age of 61 (meaning they are at or approaching the necessary age limits) think the age should be raised, while only 34 percent of those under the age of 40 agree.
To learn more about Affluent investors and Spectrem's monthly reading of investor attitudes, click here