A 35-Year Low for This Soc Sec Stat Is Reason to Celebrate
Sean Williams reports on one good statistic in an otherwise sea of bad news on Social Security’s long term financial health and outlook. Between 1995 and 2016, more than 70% of retired workers receiving a benefit had their payout reduced for early retirement, meaning the started benefits earlier than the full retirement age of 66-67. Doing this means a permanent lifetime reduction. But as of December 2019, 67.3% of the close to 45.1 million retired workers receiving a benefit had their payout reduced. The reduction is significant, and it is the ninth consecutive year that early retirees declined as a percentage of total retired workers. As Williams notes in the full piece here, waiting as long as one can (to max age 70) is almost always in people’s best financial interest.
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.