Tag: actuarial adjustments
The option to claim Social Security early was introduced over 60 years ago, when Congress set 62 as the program’s “Earliest Age of Eligibility.” To keep lifetime benefits constant, on average, those claiming at 62 receive 20 percent less in monthly benefits than if they had claimed at 65. The option to claim between 65…
The brief’s key findings are: People can claim Social Security from 62 to 70, with adjustments to keep lifetime benefits the same, on average, regardless of claiming age. The question is whether the adjustments, set decades ago, are still correct, given the decline in interest rates and increase in life expectancy. For the average worker,…
