As the federal election rhetoric heats up, changes to social security benefits will most certainly be a part of the dialogue. It is likely not a matter of “will changes to social security happen” but rather “what will the changes be and when”.

To be clear, most all of the potential changes to social security being proposed are likely to have a profound affect on retirement benefits for millions of Americans. Therefore, it is extremely important to fully understand the effects of any of the proposed changes before you dismiss them as having little impact on your personal retirement picture.

One of the proposed changes to “fix” social security is to (once again) raise the age at which they kick in. For most American’s approaching retirement now, their social security “full retirement age (FRA)” is age 66. If you were born in 1960 or later, however, the FRA is 67. But some political candidates are now proposing to push out the FRA to age 69 or even 70.