Forced to retire, some take Social Security early
Click "Forced to retire" above to read full yahoo news article begin quote from article below.
More people filed for Social Security in 2009 — 2.74 million — than any year in history, and there was a marked increase in the number receiving reduced benefits because they filed ahead of their full retirement age. The increase came as the full Social Security retirement age rose last year from 65 to 66. end quote.
If you cannot find work, or if your health isn't very good filing for Social Security early as in age 62 makes sense because over 20 years there is very little difference whether you start collecting at 62 or 66 or 70 when you figure it all in a lump sum. But if you expect to live to 85 or 90 or more then it makes more sense to wait until 66 or 70 to collect Social Security later. So, what I'm getting at is that whether you collect at 62 to 82, or whether you collect at 66 to 82, or whether you collect at 70 until 82 the lump amount might not be that different. However, you must do your own calculations to see how long you will be alive to collect and figure how much interest you might make on the money if you can afford to invest it in home or property or other investment. So, everyone's needs are different. Besides, there may not be ANY Social Security in 35 years the way Social Security is being funded now. The Government has borrowed so much money from the Social Security Fund since the 1930s when it was first funded that it is amazing it still is semi functional today at all.
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