Social Security’s retirement age is moving to 67. Some experts say that could go even higher

Many Americans look forward to the day when they can stop working and retire.

There isn't a consensus on what age they think that could be.

According to one survey, the average age when people say they want to retire is 62.

If they are eligible based on their work records, they can claim Social Security retirement benefits at that age.

People get reduced benefits if they claim early. If they wait until full retirement age to claim, they get the full benefits they have earned. If they wait until 70, they will get an 8% benefit increase over their full retirement age.

The House of Representatives last week approved a bill that would raise the age for minimum distributions on certain savings accounts from 72 to 75. The change would be phased in by 2032.

Mark J. Warshawsky is a senior fellow at the American Enterprise Institute and a former deputy commissioner for retirement and disability policy at the Social Security Administration.

It should cascade to other official ages throughout the tax code and the government's programs.

There are no plans to change the Social Security program.

It has and will continue to be the third rail of politics because of the public sensitivity around the issue, according to the director of economic policy at the Bipartisan Policy Center.

That doesn't mean there isn't a need for the issue.

The Social Security Administration's trust funds are projected to be exhausted in 2034. The government agency said last year that 98% of promised benefits will be paid.

Lawmakers have a choice of increasing taxes on benefits, raising payroll taxes or increasing the retirement age to shore up the program. Changes could include a combination of all three.

Social Security advocates are against changing the retirement ages.

An increase in the full retirement age is just a benefit cut, according to Joe Elsasser, founder and president of Covisum, a provider of Social Security claiming software.

Ronald Reagan altered retirement ages in 1983.

The full retirement age was raised to 67 from 65.

Elsasser noted that the benefit cut was 5% for the bump up to age 66 from 65.

The Social Security retirement age is expected to be pushed up by future changes. The Social Security 2100 Act: A Sacred Trust was introduced last year and would make benefits more generous. The legislation has a five-year period.

Other proposals to change the age thresholds could have financial effects on the program, according to the Social Security Administration.

Just in 20 years, we’ve seen a substantial increase in the retirement age.

Akabas expects Congress to agree on a Social Security package that includes an adjustment to the retirement age.

It is possible that the full retirement age could be pushed up by a year or two.

Lawmakers could raise the initial age for eligibility for retirement benefits from 62, as well as the highest age for delaying benefits and earning benefit increases from 70.

Those who are forced to retire at the earliest possible age don't see the same type of benefit reduction as those who don't.

The average age at which people retired in 2000 was 61 or 62. According to government data, it was around 66 two decades later.

In the last 20 years, we have seen a significant increase in the retirement age.

As their work prospects change, Elsasser said he sees more people retiring earlier than they had anticipated.

It shows the importance of planning for your retirement years. It can be difficult, given that Social Security could change.

If you are 60 and up, there is no reason to worry about changes affecting your benefits.

If you are 45 to 60 years old, it is reasonable to plan for benefit reductions of 5%. A 10% to 15% cut is possible for those who are younger.

People of all ages should plan for worst-case scenarios in which the program can only pay a portion of benefits, which could result in a benefit cut for retirees.

Elsasser said that the real importance of planning was making sure you have all your bases covered.