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The Social Security Administration has clarified its stance on raising the retirement age. While Social Security can supplement your retirement fund, Americans should still look to grow their own savings, as the government benefit may not be enough to live comfortably.
A Correction
In a recent appearance on Fox Business, Social Security Commissioner Frank Bisignano hinted that the age to qualify for Social Security may change.
After being asked if the age for Social Security will be changed, Bisignano answered, “I think everything’s being considered, will be considered.”
“Remember, most people told you and I Social Security wasn’t going to be around, and it’s going to be around. And so, the generations that are coming in will probably have a different set of rules than we had,” he added.
In a statement posted to X, however, the Social Security chief walked back the statement.
“Let me be clear: President Trump and I will always protect, and never cut, Social Security,” Bisignano wrote.
“That’s why we have made many vital reforms, such as cutting waste, fraud, and abuse from the program, to ensure the solvency of Social Security for future generations of Americans. Raising the retirement age is not under consideration.”
Currently, the age required to collect full Social Security benefits is 67 for those born in 1960 or later. Recipients have the option to start receiving reduced retirement benefits as early as age 62, or delay benefits past their full retirement age, up to age 70, to receive a higher monthly payment.
It’s Not Enough
Currently, the maximum Social Security benefit for those who retire at full retirement age is $4,018 per month. However, only those with exceptional lifetime earnings can claim the maximum benefit.
While every individual’s finances vary, Social Security accounts for, on average, about 40% of a person’s annual pre-retirement earnings.
Americans believe that they’d need $1.8 million in savings to comfortably retire, according to a July 2024 Charles Schwab survey.
The income gap with Social Security benefits means that workers should strive to put part of their income away in their own retirement funds, and with a Roth IRA, compound returns can help.
Funds in a Roth IRA grow through the power of time and compounded returns, as long as the money in the account is invested. Growth in a Roth IRA account is tax-free, with all qualified withdrawals remaining tax-free, making it one of the most valuable accounts you can own. At retirement, you can utilize your Roth IRA without having to pay taxes on your gains.
To help choose the best Roth IRA account, here are some of Forbes Advisor’s researched recommendations.
For 2025, the maximum amount you can contribute to a Roth IRA is $7,000, with an additional $1,000 catch-up contribution for those age 50 and over.
Fidelity, one of our top broker picks to open a Roth IRA account with, is beginner-friendly with a rich library of retirement resources and fund options, as well as the option for fractional shares for over 7,000 U.S. stocks and exchange-traded funds (ETFs).
Bottom Line
The age to qualify for Social Security remains the same. While the retirement option is fundamentally unchanged, it won’t be enough for most Americans to live on comfortably after retirement. Saving toward retirement with a Roth IRA can help you ensure financial stability for the rest of your life.