Tag: Social Security
The brief’s key findings are: Monthly Social Security benefits claimed at age 62, rather than 65, are reduced about 20 percent to avoid additional costs to the program. When the reduction was set over 50 years ago, a worker claiming at 62 received benefits about 20 percent longer. As life expectancy has risen, this worker…
Abstract This study examines Social Security claiming behavior, which has important implications for older Americans and for the system itself. Retirees may begin collecting benefits as early as age 62, but early claimants receive lower monthly benefits for the rest of their lives. Our data come from Survey of Income and Program Participation (SIPP) files…
