Older Jobless People Forced to Take Social Security Early
June 11th, 2012
Via: New York Times:
Even as most Americans are delaying retirement to bolster their savings accounts, the recession and its protracted aftermath have forced many older people who are out of work to draw Social Security much earlier than they had planned.
According to an analysis by Steve Goss, chief actuary for the Social Security Administration, about 200,000 more people filed initial claims in 2009 and 2010 than the agency had predicted before the recession and he said the trend most likely continued in 2011 and 2012, though that is harder to quantify. The most likely reason is joblessness.
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Drawing Social Security early has repercussions that will be hard to overcome even if the economy — and her work prospects — improve. By collecting four years shy of her full retirement age, Ms. Keany will receive a reduced monthly benefit for the rest of her life. Those who collect early get 20 to 30 percent less a month than they would get if they waited until full retirement age, which varies by year of birth.
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