<br><div><aside class="gnt_em gnt_em__fp gnt_em_vp__tp gnt_em__el" aria-label="Video - When to start collecting Social Security checks"/><p class="gnt_ar_b_p">Social Security is facing a financial shortfall. There's really no way to sugarcoat it. In the coming years, it expects to spend more on benefits than what it takes in thanks to the large number of baby boomers existing the workforce.</p><p class="gnt_ar_b_p">Thankfully, <a target="_blank" href="https://www.fool.com/retirement/social-security/?utm_source=usa-today&utm_medium=feed&utm_campaign=article&referring_guid=5cbc78e8-88ba-41e4-bb15-32aed3cec51d" rel="noopener" data-t-l=":b|e|inline click|${u}" class="gnt_ar_b_a">Social Security</a> has trust funds it can tap to make up its revenue shortfall. But once those trust funds are depleted, <a target="_blank" href="https://www.fool.com/investing/2022/06/08/social-security-benefit-cuts-may-be-on-the-way-her/?utm_source=usa-today&utm_medium=feed&utm_campaign=article&referring_guid=5cbc78e8-88ba-41e4-bb15-32aed3cec51d" rel="noopener" data-t-l=":b|e|inline click|${u}" class="gnt_ar_b_a">benefit cuts</a> will be on the table unless lawmakers manage to come up with a fix.</p><p class="gnt_ar_b_p">Now there are different solutions that have been introduced along those lines, and one is to raise <a target="_blank" href="https://www.fool.com/retirement/2019/07/05/is-social-securitys-full-retirement-age-the-same-f.aspx?utm_source=usa-today&utm_medium=feed&utm_campaign=article&referring_guid=5cbc78e8-88ba-41e4-bb15-32aed3cec51d" rel="noopener" data-t-l=":b|e|inline click|${u}" class="gnt_ar_b_a">full retirement age</a> (FRA), which is when filers are entitled to their monthly benefits without a reduction. Currently, FRA is 67 for anyone born in 1960 or later, but lawmakers have suggested pushing it back to 68. Doing so could eliminate 14% of Social Security's projected shortfall, according to the University of Maryland's Program for Public Consultation.</p><aside aria-label="advertisement" class="gnt_m gnt_x gnt_x__lbl gnt_x__al"/><p class="gnt_ar_b_p">But while raising FRA may be a good way to prevent future benefit cuts, it could make a lot of people unhappy by forcing them to delay their retirement plans. And that's a possibility you may have to get on board with.</p><p class="gnt_ar_b_p"><strong>Social Security shortfall: </strong><a target="_blank" href="/story/money/personalfinance/retirement/2022/06/16/social-security-shortfall-need-based-distribution/50373103/" rel="noopener" data-t-l=":b|e|inline click|${u}" class="gnt_ar_b_a">Limiting benefits based on need could fix it. But is it fair?</a></p><h2 class="gnt_ar_b_h2">Will you have to delay retirement?</h2><p class="gnt_ar_b_p">To be clear, changing FRA from 67 to 68 is just a proposal – it's nowhere close to being an official solution to Social Security's financial woes. But it's a reasonable idea that lawmakers are apt to consider, namely because life expectancies have...</p></div> <style> .wrapper { text-align: center; } </style> <div class="wrapper"> <a class="button" href ="https://www.usatoday.com/story/money/personalfinance/retirement/2022/06/17/social-security-shortfall-full-retirement-age/50363781/">Read more <span>➤</span></a> </div>
