The Executive Director of the Alliance for Retired Americans, Rich Fiesta, appeared on the AWF Union Podcast and gave his thoughts on how issues surrounding the U.S. debt could lead to future cuts to Social Security.
As the media has widely reported, the U.S. has reached its debt ceiling. Fiesta is concerned that future issues relating to the U.S. debt will have a negative impact on Social Security.
In the upcoming decade, he believes the retirement age will be increased in order to withhold Social Security payments until Americans are over the age of 70. Currently, Americans can retire at the age of 62 and receive reduced benefits. Those who retire at the age of 66 get full benefits.
He then spoke about possible Social Security cuts. Fiesta is concerned this could bring about larger economic issues.
For the time being, however, he hopes Congress raises the debt ceiling. This will protect Social Security without increasing the retirement age.
Listen to learn more about the future of Social Security.