Jobless? Retire early (Every day another 10,000 boomers will get Social Security)

Times Union ^ | 2/14/10 | TONY PUGH

[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...

[Ruy Dias de Bivar]

***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 tightwad sons of B!#ches! YOU OWE ME!

[woodro43]

Unfortunately August 15 1971 destroyed any hope of a comfortable retirement for all but the wealthy or people that have a residual income source. A fixed income can never keep up with inflation and the American people were sold down the river with fiat monetary investment. Many baby boomers saw there life savings vanish last year. God bless, I hope all of them persevere in there early retirement.

[Gator113]

I will also be 88, if I beat the odds and I seriously doubt that I will.

As for the drooling, heck, I’ve already started that. LOL

[Logic n' Reason]

It’s every man for themselves..... ;>)

It should have been "every man for themselves" 30 years ago or more. We just didn't get it!

I've taught my kids to be self sufficient in all things. Their "retirement" will have little if anything to do with age, and may not even be in what's left of the US....of course, that is entirely up to them.

As for me...I go as long as I can on the savings I have left and the SS (until it runs out). After that....who knows?

[Graybeard58]

I received my medicare card in the mail today, effective June 1st. I’ve been receiving s.s. since I turned 62.

Never thought I’d live this long.

[ReyTurner]

Ok, now you still pay $110 a month but the Taxpayers pay the rest. You don’t even have to pay a co-pay’!! It is great and all these young graduating college kids are paying for us (like idiots) !!! I love the hell out of it! Bring it on or I will riot!!! I have all these medical problems and I just call the arrogant doctors up and say “WHAT TIME?” . I take a good book and get my damned health care so I can live longer and get MORE!!! It is AWSOME> God Bless America!!

[highlander_UW]

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!

If I were 10 years older I'd be right in the same line with you. Sadly, I doubt there will be any of my money left by the time I become eligible.

[SnuffaBolshevik]

"At which point I'll be 88 and drooling ... so I won't care."

I'll only be 81.

You won't mind if I push your wheelchair around the home, will you, Pops? :)

[Deo volente]

I guess I had the math a bit wrong there! Thanks for pointing that out. My statement says it would be almost 30% less than if I waited until 66.

[ansel12]

Is medicare like having health insurance and do all of us get it? Can you get medical treatment and operations if you have it?

[annelizly]

well, my husband and i have been working 25 years now. always paid in. never been on any form of welfare and never collected unemployment benefits. SS won’t be there for us(even though they’ll collect from our checks right up to the end)...now why should i care that everyone here has paid in for years and wants us to keep working so they can get their money now?

[Cindy]

Updated on a regularly:

ARE YOU LOOKING FOR A JOB?
http://www.freerepublic.com/focus/f-chat/2441076/posts

[Graybeard58]

I don't fully understand it yet but I believe that everybody who paid in to s.s. is eligible. You have to be 65 years old to get it.

I will be 65 on June 29th this year and didn't do anything to receive my card, they just sent it to me with very little information but they did say that more would be coming. My card says effective date June 1st.

Can you get medical treatment and operations if you have it?

Yes, but there are co pays and I don't know how much.

[Graybeard58]

There are co pays with medicare.

[doorgunner69]

pfl

[Clinging Bitterly]

It has been over a year since I worked (not old enough to retire though). But I have used it as an opportunity to find a way out of YOO-JEAN and in one week I am moving to Southern Oregon and finally starting a new job.

No thanks to Corpse-Man or anyone else in gubmint.