Well, you're losing $24,000 of income. Income for every year. But then in your future benefits, for every year that it's increased, you're losing about 7% of your benefits. So Raising the retirement age on Social Security by one year costs $24,000, and over your lifetime is about a 7% benefit cut. Is that for each year? For each year? Yeah, that's right, for each year. So. Because some of the proposals that are being discussed would raise it from 67 to 69 or 67 to 70. (02:31–02:42)
CLAIM
Asserts that raising the Social Security retirement age by one year results in a $24,000 cost and a 7% benefit cut.
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