Raising Social Security’s full retirement age by two years to age 69 would decrease individuals’ lifetime benefits and overall spending by the program, but would not stave off Social Security’s expected insolvency in 2034.

With the presidential election not far away, the future of Social Security is on many Americans' minds. As it stands, though, many people are pessimistic about the chances of Social Security

Most older adults rely on Social Security to some extent in retirement. A whopping 88% of current retirees say they depend on their benefits, according to a 2024 poll from Gallup, while 60% of that group say their checks are a major source of income.

If Social Security benefits were reduced or eliminated, Americans would need to double or triple their savings rate to retire with a sufficient nest egg.