Drastic cuts proposed for workers aged 49 and under by H.R. 6489, the Social Security Reform Act

Rep. Sam Johnson, R-TX, the chairman of the Social Security Subcommittee of Ways and Means, has introduced H.R. 6489, the Social Security Reform Act of 2016. See Johnson’s justification. If passed, the legislation would negatively affect retirement plans for American workers aged 49 and under. The bill would lower Social Security benefits by one-third to retirees and those drawing Social Security Disability Retirement and raise their retirement from 67 to 69 years old. The bill would also cut seniors’ cost of living adjustments. On the current retirement age requirements see this CRS report. — Joe

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