Raising Social Security’s retirement age from 67 to 69 represents a significant cut to Social Security’s already modest benefits for all beneficiaries. Regardless of the age at which they retire, eligible workers suffer a 13% cut in benefits when the retirement age is raised. This cut is especially harmful to older workers who have seen little increase in life expectancy, or who work in in physically demanding jobs–workers who are disproportionately lower-income and minority workers.
