I Asked ChatGPT What Happens If the Social Security Age Increases Again
Written by
Laura Beck
Edited by
Levi Leidy
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With Social Security facing long-term funding challenges, politicians keep floating the idea of raising the full retirement age again. GOBankingRates asked ChatGPT to break down what would actually happen if they pushed the retirement age from 67 to 68, 69 or even 70.
The artificial intelligence (AI) bot’s response was not particularly encouraging for future retirees, but let’s get into it.
The Immediate Impact on Your Benefits
ChatGPT explained that raising the full retirement age (FRA) doesn’t just affect when you can retire without penalties, it cuts benefits across the board.
“If the FRA increases from 67 to 68, monthly benefits would decline for everyone,” the AI said. “Claiming at 62 would result in even steeper reductions, and delaying past the new FRA wouldn’t provide as large a benefit increase.”
The numbers get serious quickly. According to ChatGPT’s analysis of policy research, raising the FRA to age 70 could slash average lifetime benefits for new retirees by nearly 20%.
Who Gets Hit Hardest
ChatGPT identified the groups that would suffer most from an increased retirement age, and the results highlight some uncomfortable truths about American workers.
“Low earners and individuals in physically demanding jobs would bear the brunt of benefit reductions,” the AI explained. “Construction workers, healthcare aides and others in taxing professions may struggle to work longer.”
The AI cited research showing that people in lower-income groups often have shorter lifespans, meaning they’d get fewer years of benefits even if they could work until the higher retirement age.
The Financial Impact on Your Retirement
When I asked ChatGPT for specific dollar amounts, the response was sobering.
“A proposal to raise FRA to 69 by 2033 could strip away 13% of benefits, equating to about $3,500 annually or $420,000 over a 30-year retirement,” the AI calculated based on policy analysis.
That proposal would affect roughly 257 million Americans currently aged 30-55. If you’re in that age range, you could be looking at hundreds of thousands in lost retirement income.
Why Politicians Keep Pushing This Idea
ChatGPT explained the political motivation behind raising the retirement age: It saves the government serious money.
“Gradual FRA increases could make Social Security more financially stable,” the AI said. “The Congressional Budget Office estimates up to $122 billion saved by 2032 with a phased increase to age 70.”
The AI also wrote that keeping people in the workforce longer generates more tax revenue. “If all workers delay retirement by just one year, their extra payroll and income taxes could cover nearly 28% of Social Security’s annual deficit,” ChatGPT explained.
The Hidden Effects on Other Benefits
ChatGPT revealed that raising the retirement age creates ripple effects throughout the Social Security system.
“Spousal and survivor benefits might be indirectly impacted,” the AI said. “If the worker’s benefit is reduced due to a higher FRA, this could cascade to reduce those auxiliary benefits.”
Disability benefits would remain largely protected, but the AI warned that more people might be forced to apply for disability if they can’t work until the higher retirement age.
What This Means for Different Age Groups
ChatGPT broke down how age increases would affect different generations:
Workers 30-55: Would face the full impact of benefit cuts and higher retirement ages. These workers have time to adjust their retirement plans but will need to save a lot more money.
Workers 55-62: Might face partial impacts depending on how quickly changes are phased in. They have less time to adjust their financial plans.
Current retirees: Generally protected from changes, though some auxiliary benefits could be affected.
The Inequality Problem
The AI highlighted a major concern with raising retirement ages.
“People in lower-income groups often have shorter lifespans — raising FRA widens inequality unless paired with protections,” the AI explained.
This creates a situation where wealthy professionals who can work comfortably into their late 60s receive full benefits, while blue-collar workers who can’t work as long see their benefits cut.
Alternative Solutions ChatGPT Identified
The AI suggested that raising the retirement age isn’t the only way to fix Social Security’s funding problems.
“Policymakers could remove the cap on taxable wages, increase payroll tax rates or means-test benefits for high earners,” ChatGPT said.
These alternatives would spread the burden more evenly rather than concentrating cuts on future retirees. However, they would most likely face significant pushback under the current administration. That said, with enough political will from the people, things can and do change over time.
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