Social Security remains the most important source of income for most Americans in their retirement. Nonetheless, there are many proposals for cutting benefits that get serious consideration, including increasing the normal retirement age. A new report from the Center for Economic and Policy Research examines the impact of raising the Social Security retirement age and its effect on the distribution of wealth from loss of future Social Security benefits.

‘The full retirement age for Social Security is already scheduled to increase to 67 over the next 10 years,