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 ...
Heard that in a radio ad today.
"Show me just what Mohammed brought that was new, and there you will find only things evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelogus
"Show me just what Mohammed brought that was new, and there you will find only things evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelogus
Wow.
Damn boomers.
All their fault.
I get my first SS check in 6 days! 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. ( and my wife gets it too!!!) Ha!!!
That’s a good idea! The sooner the big default, the sooner we can rebuild the real, productive America.
I figured I had better take mine when I could so I took it last year. I’m glad and I can still work part time and earn another $14,700 without losing benifits!
Grab yours NOW before Obama steals it!
Well, I have about ten years to go, but tell you what... the DAY I’m eligible to begin drawing SS (if there’s any left by then!) you bet your bottom dollar I’m going for it. At the rate it’s going under, why not...
This run on SS is really a surprise, isn’t it? Who would’ve thought? Yet another “unexpected” facet of the Obama economy.
56er here-— can’t retire just yet.... trying to shoot for not having to rely on SS if and when the time comes to retire. SS ‘fund’ could have been a self generating money making revenues from interest engine if the corrupted pols didn’t raid it. Pox on them all-— cretins!
I started collecting Socialist Security last May at 63, if it lasts I may recover the donations in 11 years.
Well, there’s 2.7 million off the unemployment rolls in 2009 and probably a similar number coming in 2010. Geez, Obama must be a genius.
There are two problems with taking Social Security at age 62.
The payments are about 40% less than if one waits until full retirement age (66 for my birth year), and there is a heavy penalty if one continues to work while collecting payments.
The work penalty disappears at full retirement age, but until then you’re going to get hit hard.
One more thing...those 40%-reduced payments remain permanently reduced, for the rest of your life.
I think I’ll pass on Social Security, early or late.
Your post reminds me of a hilarious line from The Simpson’s, where Bart discovers that Grandpa Simpson has a whole box of cash stashed under his bed at the nursing home. When Bart asks him where he got it, he says “The government. I didn’t earn it, I don’t need it, but if they miss one payment, I’LL RAISE HELL!!”
Enjoy your money, you earned it!!
And....at 62, they had earned their SS. Heavens, they don't even know if by 65 or so, there will be anything to receive!!
Other (and I am in this catagory) were thrown out of work due to our age. For us, SS was mandatory. You tell me where the jobs are, and I'll return to work. Trust me on that. But until our elected reps call a depression a depression and attack it as they should have been doing all along, there will be no jobs, and without jobs, there will be no recovery.
So...to all of you with jobs...go out and get another one! Heck, you're young enough. Then contribute to the SS fund to that I and millions of others like me can receive our SS.
What am I going to do when I get to be SS age, you ask? Truthfully, I don't give a damn. But I wish you luck!
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