Retirement Living

What Raising the Retirement Age to 70 Would Mean for You

Rodney Brooks
April 27, 2023

Congress has approved several new laws impacting employer-sponsored 401(k) plans but still hasn’t addressed Social Security, which the government says will run out of money by 2033 if nothing is done.

People are living longer and drawing benefits longer than anticipated when the law was enacted in 1935 when the average U.S. lifespan was 61 for men and 65 for women. A male born today is expected to live till 74.5; a female till 80.2.

A proposal by a bipartisan group of U.S. senators, led by Maine independent Angus King and Republican Bill Cassidy of Louisiana, is among several efforts to overhaul Social Security. It would, among other things, increase the age for receiving full benefits to 70. That is expected to face stiff opposition in Congress and among senior advocacy groups.


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