Tag: lifetime benefits

Close up of hands holding a paycheck and envelope at a desk

Benefit/contribution ratios provide no guidance on how to fix Social Security. Two of my friends – Andrew Biggs (“No, Social Security Isn’t Earned”) and Gene Steuerle (“Lifetime Social Security Benefits and Taxes”) are making my brain ache.  They are both arguing that people will get lifetime Social Security benefits far in excess of lifetime contributions,…

Photo of Social Security Administration building

Not that far, but high earners, who live long and claim late, come out ahead. 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…