In the Very Near Future
From Article by Tony Pugh of McClatchy Newspapers, Washington, DC
“Annual jobless rates for people 55 and older were higher in 2009 than at any time since the government started collecting the date in 1948.”
There are 1.3 million men 62 years and older that started receiving their retirement benefits in 2009. “This was the most new male beneficiaries in any year since Social Security payments began in 1940.”
The Social Security trust fund surplus is expected to remain relatively constant due to the recession but most experts expect deficit cash flow beginning in 2016.
Taking Social Security benefits at age 62 rather than waiting results in about a 25% reduction in payments but one person calculated that it would take 20-years to make up money received between age 62 and the retirement age 66. At age 66 you are eligible to receive 100% Social Security benefits. Or course, this is the case now but who would be surprised if our politicians decided to change the retirement age to 70!!
This is now 2010 and Social Security deficit cash flow in 6-years! You do the math.
Illustration by Steve Breen.
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