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Changes in the law in 1983 mean Americans are retiring a bit later
This Bloomberg article by Peter Orszag notes that one of the effects of the 1983 law that made significant changes in Social Security is that Americans are now retiring and taking their benefits later. This contrasts with other anecdotal evidence from the Great Recession that large numbers of people were grabbing benefits as early as possible. In addition to the 1983 law, which changed the full retirement age from 65 to 67, improved health and life expectancy are causing many folks to take benefits later. Read the full piece here.
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.