Posted on 02/16/2010 5:21:40 PM PST by Libloather
Jobless? Retire early
New Social Security claims hit record as sour economy drives early filings; payroll tax drop
By TONY PUGH
First published in print: Sunday, February 14, 2010
WASHINGTON -- A surge of early retirements and a decline in payroll tax revenue caused by the recession have begun to cut deeply into Social Security's surplus funding.
Led by aging baby boomers and older workers frustrated by the tough job market, record numbers of eligible Americans started receiving Social Security retirement benefits in 2009.
According to government figures, more than 2.7 million new beneficiaries were added to the rolls in 2009, up 20 percent from 2008. The one-year increase was the largest since at least 1975.
"Much of that surge is coming from the weak economy," said Richard Johnson, a senior fellow at the Urban Institute. "The fact that many people can't find work is forcing them to retire and collect benefits early."
Annual jobless rates for men and women age 55 and older were higher in 2009 than at any time since the government started collecting the data in 1948, Johnson said.
That forced many to claim retirement benefits at 62, their first year of eligibility, instead of waiting to collect at the full retirement age of 66.
Also fueling the increase was the leading edge of the baby boom generation, more than 3.4 million boomers who turned 62 in 2009, Johnson said. That was 9 percent more than in 2008 -- the first year that any baby boomers, those born between 1946 and 1964, were eligible for Social Security retirement benefits.
Because of the recession, trustees of the Social Security trust fund warned last year that the diminished 2009 surplus would...
(Excerpt) Read more at timesunion.com ...
“Current projections show the program has sufficient funds to remain solvent until 2037. “
Cool, I’m good. ;>)
I can see them lowering the age from 62 to say 55 and decreasing the payout to 80% less (versus 40% less). People in dire need would take that.
Scoundrels one and all.
“One more thing...those 40%-reduced payments remain permanently reduced, for the rest of your life.”
Wrong. You keep working and contributing to SS, your benefits go up.
I love how you ended that. LOL
It’s every man for themselves..... ;>)
My brother turned to beer after his second tour. He was sent to Germany off and on for a total of 16 years as a Warrant in a tank outfit. I haven't had a case of beer in my entire life. It's been a lot of years since I smoked pot. Maybe back in 1976?
I can still identify that smell after all those decades, however. I'd take it up again, I suppose. The ultimate in healing sore muscles, eh?
drawing at 62 is a no-brainer. draw until you are eligible for the full amt and then if you are still living you can pay back what you have drawn with no penalties or interest and start drawing the full amt. I thought about doing that but i am afraid i will write them the big check to pay them back and then they will suddenly decide to declare bankruptcy and i won’t get any of it back.
Great post!! If they screw with my money, I WILL RIOT!!
My initial response to my Dr. was this, “You mean I'm getting ripped off by Social Security?”. He seemed a bit dumbfounded by my response, but that was the first thing that crossed my mind. Nobody lives forever, but the Rats want to be sure you're taxed forever.
They take half your money when you're alive, and then they take half the money that's leftover when you die. Which means we net about 25% if we're lucky.
I've given the Gubmint about $200,000 to fund that Ponzi Scheme, and I will damn sure start to collect at age 62 if I'm still around.
And let's not forget, it's not just the money you put into it, it's the money that you would have made had it been invested for the last 45 years. The kicker is that they tax you before the money comes out of your pay and they tax you when you get it back. That is IF you get it back.
Nothing like getting a little dramatic, almost 9.5 million boomers served in the military, it was our last great, warrior generation.
I remained a specialist (except temp. corporal for instructing in Reserve schools—no TO&E in line platoons for corporal) in a combat platoon due to local yocal, civilian politics in a Guard unit (Italian community). Remaining in low rank and not becoming an officer is the secret to staying away from drugs and alcoholism, IMO. ;-) [Little humor there but a little truth, too.]
As for soreness, I wiped out both knees (miniscus, etc.) in training and didn’t take anything from the government for those injuries. ...stayed in for seven years. Crawling fast often works well in fire-and-maneuver work, and most of the rest of the time, hobbling works well enough for a soldier with enough experience.
After getting out, walking (and jogging whenever the pain wasn’t too bad) and Tai Chi for about 12 years was the key to some healing (the miniscus in each knee, anyway). The silly Chinese movements cleaned calcium deposits out, until cartilage reformed. The ligaments won’t heal that way, but I no longer have to carry heavy loads all day. ...no sweat, no drugs, and refused disability benefits. I don’t want to become a worthless, fat gimp like most of the other old farts around me. ;-)
Yeah, but most of them had that other kind of training. ;-)
...not a whole lot of Bravo B types. ;-)
Both my statement from Social Security and the following SS website show a reduction of 25% of the monthly payment when starting at age 62 versus 66.
So, I could collect for 4 years on the early plan. Adding up the 48 monthly checks for the early years and dividing by the amount which is added to the monthly check at age 66 (the 25% amount), it seems that it would take 144 months (12 years) to “break even”, which is at the age 78 (66 plus 12).
Does that make sense? If so, then it looks like starting at 62 is a good bet (i.e. I might never make it to age 78 anyway). Then after age 78, I would be “losing” the 25% per month.
If you were born between 1943 and 1954 the reduction for taking it at 62 as opposed to 66 is 25%, not 40%.
At which point I'll be 88 and drooling ... so I won't care.
there’s a way that you can start collecting early, and then pay it back later, and start collecting the higher amounts.
***I have been paying for these welfare jerks all my life. I make lots of money but by gosh the bastard start flowing it back to me and I want every fricken penny without delay and you suckers just keep working SO I GET MY MONEY!!! I want my money. ***
My thoughts exactly! Uncle Sam says Three of you must work to support me so PAY UP you tight was sons of B!#ches! YOU OWE ME!
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