Is Trump Going to Raise the Retirement Age?

President Donald Trump has not officially endorsed raising the Social Security retirement age, but recent signals suggest the possibility may have been under review. In September 2025, Social Security Commissioner Frank Bisignano said “everything’s being considered” when asked about potentially increasing the full retirement age, only to walk back his statement the next day. The mixed messages have left many wondering if changes to the retirement age could eventually become part of broader Social Security reform discussions.

Worried about how these potential shifts could affect your financial future? A financial advisor can help you stay ahead of possible reforms and safeguard your retirement plans.

What Is the Retirement Age?

The retirement age generally refers to the age at which someone can claim full Social Security benefits. For most current workers, the full retirement age is between 66 and 67, depending on birth year. People born in 1960 or later reach full retirement age at 67. However, benefits can be claimed as early as age 62, though monthly payments are permanently reduced for those who file before reaching full retirement age.

On the other hand, delaying benefits beyond the full retirement age can increase monthly payments up until age 70.

The concept of retirement age is closely tied to the financial health of Social Security, as adjustments to this benchmark directly affect how long benefits are paid and the total amount recipients receive. Discussions about raising the retirement age are often framed as ways to preserve the program’s long-term solvency.

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,¹ 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. In 2024, the House Republican Study Committee (RSC)² recommended gradually raising the full retirement age from 67 to 69 for workers turning 62 by 2033.³ Meanwhile, the Heritage Foundation⁴ supports even higher retirement age thresholds, linking retirement age increases to longer life expectancy, potentially moving it toward 70. 

According to the Congressional Budget Office, raising the full retirement age from 67 to 69 would lower lifetime Social Security benefits by roughly 5-10% on average, depending on a person’s earnings level.⁵ The CBO found that people born in the 1970s would see their lifetime benefits fall from 12.7% to 11.6% of lifetime earnings, representing an 8% drop on average, with reductions ranging from about 5% for low earners to 10% for high earners.

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 2034.⁶

Despite Trump’s vows to leave the retirement age as is, the issue reignited on Sept. 18, 2025, during an interview with Fox Business. When asked by Maria Bartiromo about a potential increase to the retirement age, Bisignano said: “I think everything’s being considered and will be considered.” He then issued a statement on X the following day clarifying that Trump will “always protect Social Security” and that raising the retirement age “is not under consideration at this time by the administration.”

Can Trump Actually Raise the Retirement Age?

Despite campaign rhetoric, Trump cannot raise the retirement age on his own. Doing so would require congressional approval. 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.

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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 12%. 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 have been proposed recently, 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. However, as recently as September 2025, there have been signals that the administration would at least consider raising the 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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