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Three reasons NOT to take benefits at age 62

Christy Bieber of The Motley Fool believes a lack of understanding about how Social Security works is the cause of so many people starting benefits at age 62.  Doing so permanently reduces benefits for one’s entire lifetime.  The first of the three worst reasons to take early retirement benefits is that you fail to realize benefits go up each year you delay up until age 70.  The second reason is because you get too sick to work.  Bieber notes the SSDI (Disability) program may be a better option, as taking Disability benefits does not impact Social Security retirement benefits.  Third, is the bankruptcy rumor.  Social Security is NOT going anywhere according to all the experts.  The program is, however, facing a partial insolvency issue by 2034.  This could easily be solved by raising revenue or cutting expenditures over time such as by raising the retirement age or recalculating benefits.  But, even without congressional action, Social Security could still pay 79% of benefits in 2034 and beyond.  As long as there are workers paying in, there will be a program, though experts do argue that Congress should act before 2034 to shore up Social Security’s finances before partial insolvency, defined as the inability to pay full promised benefits under current law.

The Association of Mature American Citizens (AMAC) believes Social Security should be preserved and modernized by making modest changes in cost of living adjustments and the retirement age, without additional tax increases on workers.  AMAC advocates for a bipartisan compromise, “The Social Security Guarantee Act,” taking selected portions of bills introduced by former Rep. Johnson (R-TX) and Rep. Larson (D-CT) and merging them with the Association’s own well researched ideas.  One component is Social Security PLUS, a new yet voluntary early retirement plan that would allow all earners to have more income available at retirement.  This component is intended to appeal especially to younger workers.  AMAC is resolute in its mission and has gotten the attention of lawmakers in DC, meeting with many congressional offices and their legislative staffs over the past several years.  Read AMAC’s plan here.



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