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Social Security strained by early retirements - Yahoo! News (http://news.yahoo.com/s/ap/20090927/ap_on_go_ca_st_pe/us_social_security_early_retirements - broken link)
Now maybe you all will start listening to Dorock99
Interesting thing about the retirement age. From what I gather, they arrived at the age of 65 because the average life expectancy was 68 at the time. Today it is now over age 78, but the retirement age has remained the same.
Anyone by any chance know what the penalties are if any, for taking an early retirement? (not that I plan on ever seeing it)
"You can retire at any time between age 62 and full retirement age. However, if you start benefits early, your benefits are reduced a fraction of a percent for each month before your full retirement age."
Interesting thing about the retirement age. From what I gather, they arrived at the age of 65 because the average life expectancy was 68 at the time. Today it is now over age 78, but the retirement age has remained the same.
Anyone by any chance know what the penalties are if any, for taking an early retirement? (not that I plan on ever seeing it)
Actually the life expectancy in the 30's was more like 63 (women higher than men) up from 48 and 45 in 1900. Credit is given to central water and sewer systems. Not much difference but they weren't expecting many people to live long enough to collect.
The full retirement age has been increased incrementally, I was born in 1954 and mine is 66 plus 2 months.
Actually the life expectancy in the 30's was more like 63 (women higher than men) up from 48 and 45 in 1900. Credit is given to central water and sewer systems. Not much difference but they weren't expecting many people to live long enough to collect.
The full retirement age has been increased incrementally, I was born in 1954 and mine is 66 plus 2 months.
I was about to say the same. I think my brothers is similar to yours for full retirement and he was born in 1949.
TnHilltopper,
yes, there are penalties for retiring early and you also can only make X number of $$s to receive benefits. After 65 you can continue to work and recieve full SS but you also continue to pay.
I was about to say the same. I think my brothers is similar to yours for full retirement and he was born in 1949.
TnHilltopper,
yes, there are penalties for retiring early and you also can only make X number of $$s to receive benefits. After 65 you can continue to work and recieve full SS but you also continue to pay.
NIta
My full retirement age is 66 - I retired at 62 with 25% penalty.
Actually, it's after your full retirement age that you can continue to work and still receive full SS benefits.
yep, that is what I meant. I guess I didn't make myself clear. Actually I too started taking benefits at 62 and decided to work just part time. My hourly salary are only $7.50 an hour, fine with me, it kept me from earning too much. This was about 10 years ago. Anyway, I hadn't realized I would also be recieving bonuses. the first year I was ok, the next year, I had to give back almost every penny in SS. I think they kept my checks for about 8 months. I decided to quit work until I was 65.
Location: The Chatterdome in La La Land, CaliFUNia
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Quote:
Originally Posted by North Beach Person
Actually the life expectancy in the 30's was more like 63 (women higher than men) up from 48 and 45 in 1900. Credit is given to central water and sewer systems. Not much difference but they weren't expecting many people to live long enough to collect.
The full retirement age has been increased incrementally, I was born in 1954 and mine is 66 plus 2 months.
So the social security system was set up in a way where the taxes were collected but folks were not expected to live long enough to collect their benefits? Sounds so typically government.
I have always assumed that, by the time I was old enough to receive SS, it would be means-tested and I wouldn't get anything. I just see it as another tax.
By the time those early recipients reach the break even age of about 77 won't it balance out as they will be receiving less benefits than if they had waited to 66? I have read articles that over the long haul it doesn't make much difference towards the solvency of the fund.
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