Tag: Social Security
The brief’s key findings are: Surprisingly, the COVID-induced recession appears to have had little impact on retirement because: Social Security checks still go out and its finances are little changed; 401(k) contributions and balances seem relatively unaffected; and unemployment has not disproportionately hurt older workers. But the pre-COVID weaknesses remain: Social Security has a long-term…
Abstract Workers have the option of claiming Social Security retirement benefits at any age between 62 and 70, with later claiming resulting in higher monthly benefits. These higher monthly benefits reflect an actuarial adjustment designed to keep lifetime benefits equal, for an individual with average life expectancy, regardless of when benefits are claimed. The actuaria…
