Tag: actuarial reduction
The U.S. Social Security Administration reported a few years ago that half of retirees get at least half of their income from their monthly checks. For lower-income retirees, the benefits constitute almost all of their income. Yet Americans have only a vague understanding of how this crucial program works – one of many obstacles on…
Monthly Social Security benefits claimed at age 62, rather than 65, are reduced by about 20 percent. The goal of the reduction is to ensure that early retirement does not result in any additional cost to the system. When the reduction was set over 50 years ago, a worker claiming at 62 received benefits for…
