Tag: full retirement age
Social Security was originally intended for retirement. Many older people, however, report receiving both wages and Social Security benefits. That pattern is surprising given the enormous advantage of claiming as late as possible – monthly benefits claimed at age 70 are 76 percent higher than those claimed at 62 – and the fact that t…
Social Security was designed to replace wages for those no longer working, so claiming Social Security benefits is often used as a simple proxy for retirement. However, trends in employment at older ages cast some doubt on this assumption: many households over 65 report labor earnings as well as Social Security income, indicating that…
