3. Being able to claim at 62
Another alternative path to stay away from its reserve is to maximize the minimum age of being able to claim Social Security benefits, namely 62.
However, forcing employees to wait longer for their well-deserved benefits could be problematic. Many people don’t have other options but leave the work field due to an unexpected event such as a serious health issue or an unfortunate accident.
If the minimum age of collecting Social Security benefits will be raised, this will also result in a rise of the full retirement age (FRA), as well as planning for higher average benefits per month.
Because when you claim earlier, your monthly payment is reduced by 6.66 percent, meaning that if Congress will raise the minimum age, you will have a higher monthly payment from Social Security.
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1 thought on “Social Security Projections to Add to Your List of Worries”
How about government pensions? What will happen to them? Probably nothing as they are the elite. However, I believe it is time for the government to honor all of those IOU’s that were generated back in 1964 when LBJ decided to sell them to SS. Fat chance. Technically, SS is just part of the general fund. It is part of the overall budget and,as such, is not required to be funded by contributions from current payroll taxes.
People who paid into it for their entire working life deserve to collect it with interest when they retire. It was not intended to be s slush fund even though corrupt politicians treated it that way. Enough is enough. Democrats, own up and do the right thing. Stop ripping off honest, hard working americans.