While President Donald Trump has consistently pledged not to raise the retirement age, several influential Republican factions have promoted adjustments that would shift that timeline. And it’s not entirely up to the president. Even if Trump sticks by his prior commitments, a higher retirement age remains a possibility. Any change could have sizable effects on retirement planning. Comparing previous campaign commitments with policy proposals can give you a clearer picture of what may lie ahead.
Worried about how these shifts could affect your financial future? A financial advisor can help you stay ahead of possible reforms and safeguard your retirement plans.
Campaign Promises vs. Policy Proposals
Trump has clearly stated he will not raise the retirement age or cut Social Security benefits. In a 2023 message, he told House Republicans, “Under no circumstances should Republicans vote to cut a single penny from Medicare or Social Security,” emphasizing he would not raise the retirement age or reduce benefits. His campaign promises have framed retirement-age changes as politically off-limits, reinforcing his stance that seniors deserve to pay nothing extra for the benefits they’ve already earned.
Despite Trump’s vow, other Republican-aligned groups have floated proposals to shift the retirement age upward. The House Republican Study Committee (RSC) recommends gradually raising the full retirement age from 67 to 69 for workers turning 62 by 2033. Conservative institutions like the Heritage Foundation and Project 2025 support even higher retirement age thresholds, linking retirement age increases to longer life expectancy, potentially moving it toward 70.
According to analyses backed by the Congressional Budget Office, shifting the age to 69 could reduce lifetime benefits by up to 13%. While proponents say the move can slightly extend Social Security’s solvency, the CBO estimates that it would not delay the projected exhaustion of the combined OASDI trust funds in 2034.
Retirement Policy Changes Proposed in the One Big Beautiful Bill
While the recently enacted One Big Beautiful Bill does not include any changes to the retirement age, it will affect some retirees.
Retirement Calculations for Federal Workers
One major shift will affect many federal employees. For retirees beginning January 1, 2027, the calculation base for pension annuities will move from the highest three years of salary to the highest five years.
Can Trump Actually Raise the Retirement Age?
Despite campaign rhetoric, Trump cannot raise the retirement age on his own—it would require congressional approval. And such a move would directly contradict his repeated promises, potentially alienating older voters—a critical base constituency. These factors make it unlikely that the retirement age will be raised.
While broader Republican platforms may push for age increases or pension formula changes, Trump himself appears disinclined to support them publicly. Still, it’s possible that retirement-age reforms could come from legislative actions by Congress.
Frequently Asked Questions (FAQ)
What Would It Mean Financially If the Retirement Age Increased to 69?
Studies from the Congressional Budget Office and independent analysts estimate that raising the full retirement age to 69 could reduce average lifetime benefits by 8% to 13%. This translates to approximately $3,500 less per year during retirement for the average retiree.
Will Medicare-Eligible Seniors Be Able to Keep Contributing to HSAs?
No. Enrollment in any part of Medicare (Part A or Part B) still disqualifies seniors from making further HSA contributions.
What Can I Do Now If I’m Worried the Retirement Age Might Change?
Even though no changes are currently law, it’s possible future legislation could raise the retirement age. If you’re concerned, consider adjusting your retirement strategy now. That might mean saving more aggressively, delaying Social Security claims to increase monthly benefits or reevaluating your planned retirement date. A financial advisor can help model different scenarios based on your age, income, and long-term goals.
Bottom Line
Although certain Republican factions have proposed increasing the retirement age to 69 or 70, Trump himself has firmly ruled it out and lacks the power to enact it without Congress. Other reforms may still be on the table. These changes could reshape retirement landscapes, but none directly alter the retirement age. As debate continues and budgets tighten, it’s wise to strategize ahead. A financial advisor can help you navigate potential reforms, optimize HSA strategies and build flexibility into your retirement plan.
Retirement Planning Tips
- A financial advisor can help you prepare for retirement by building an income plan based on your assets and spending needs. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- Beyond diversifying across asset classes, consider where you hold different investments. Tax-inefficient assets like bonds or REITs may be better placed in tax-deferred accounts, while equities with long-term growth potential often benefit from placement in taxable accounts where capital gains are taxed more favorably. This strategy can improve after-tax returns over time.
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