NCPSSM — As most people are aware, you can start taking...

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“As most people are aware, you can start taking your Social Security benefit as early as 62. You can also delay taking benefits until you are 70. In between 62 and 70 is what’s called your “Full Retirement Age.” Understanding the distinctions of...

As most people are aware, you can start taking your Social Security benefit as early as 62. You can also delay taking benefits until you are 70. In between 62 and 70 is what’s called your “Full Retirement Age.”

Understanding the distinctions of “Full Retirement Age” is an integral part of your claiming strategy.

There are basically four factors that determine your claiming strategy and ultimate amount of lifetime benefits you will receive. Three of which you can control and one you cannot.

The three factors you can control are:

  1. Your work history
  2. Your earnings history
  3. Age at which you file

via Forbes.

Stay on top of this issue by signing up for our free newsletter, Your Morning Read, by clicking through.

Source: bit.ly
politics social security retirement retirement age retirees elderly older americans seniors social insurance entitlements entitlement reform earned benefits p2

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“Proposals to increase Social Security’s retirement age are beginning to resurface. The notion is that if people are living longer, they can work longer. But the retirement age has little to do with how long people work, and a lot to do with how much...

Proposals to increase Social Security’s retirement age are beginning to resurface. The notion is that if people are living longer, they can work longer.

But the retirement age has little to do with how long people work, and a lot to do with how much money they get. Increasing the retirement age is a benefit cut.

via Market Watch.

Related Reading:

  • Raising the Social Security Retirement Age: A Cut in Benefits for Future Retirees.
    • Those proposing to raise the age of eligibility for full retirement benefits to 70 or even 72 view this as a way to reduce the deficit and increase Social Security’s solvency. As in the past, proposals to raise the retirement age come with an additional reduction in benefits. The effect of increasing the retirement age to 70, for example, would lead to an additional 13 to 15 percent reduction in benefits at 62.
Source: bit.ly retirement age politics social security seniors older americans elderly retirement retirees entitlements entitlement reform social insurance p2 retirement crisis
Opponents of Social Security may once again try to use this report as an excuse to cut benefits, including raising the retirement age…We must, instead, look to modest and manageable solutions that will keep Social Security solvent well into the future without punishing seniors and disabled Americans.

Max Richtman via ABC News.

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Source: bit.ly politics social security trustees report older americans elderly p2 seniors retirement retirees retirement crisis entitlements entitlement reform retirement age social insurance
New NCPSSM poll shows strong opposition to a key GOP proposal for Social Security. Raising the Social Security retirement age to 69 amounts to a benefit cut for all seniors. Congress should listen to the voters on this one. More information on the...

New NCPSSM poll shows strong opposition to a key GOP proposal for Social Security. Raising the Social Security retirement age to 69 amounts to a benefit cut for all seniors. Congress should listen to the voters on this one.

More information on the poll here.

Source: bit.ly politics seniors social security entitlements earned benefits retirement retirees retirement crisis entitlement reform p2 older americans elderly social insurance polyvore retirement age
When a candidate promises to “save these programs for future generations” by raising the retirement age, raising the Medicare eligibility age, privatizing Social Security, changing the COLA formula and means-testing Social Security while exempting near retirees what they’re actually saying is: “We know seniors vote so we’ll protect them now and slash future benefits for their children and grandchildren instead.
via Entitled to Know.
Source: ncpssm.org social security politics entitlements p2 seniors retirement retirees retirement crisis entitlement reform elderly COLA means testing medicare health care retirement age
Raising the age at which you can claim Medicare benefits by a year or two, for example, lops off a far larger share of the expected retirement period of a poor person than a rich one.

via VOX.

Related Reading:

  • Raising the Social Security Retirement Age: A Cut in Benefits for Future Retirees. 
    • Those policymakers proposing raising Social Security’s retirement age should recognize what a dramatic change this would be for millions of American workers. Instead of protecting future generations, raising the retirement age will dramatically cut benefits for younger generations of workers, especially those at lower-income levels. 
Source: bit.ly politics retirement social security retirement age entitlements entitlement reform p2 older americans elderly retirees medicare healthcare health care
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NCPSSM Says It Pays Off to Delay Claiming Social Security Benefits

This month, the NCPSSM kicks off a new educational campaign, Delay & Gain, to urge workers in their 60s to opt for more money, up to thousands of dollars per year in additional Social Security benefits, by working at least until their normal retirement age 66 or 67. Filing for Social Security at age 62 locks you into a lower benefit, permanently. You are not entitled to 100 percent of the benefit calculated from your earnings history unless you apply at your age 66 or 67
Launched by the Washington, DC-based NCPSSM, Delay & Gain includes a six-figure ad campaign targeting five U.S. cities where workforce participation is high, but too many workers are losing money by choosing to retire early.

According to NCPSSM, more than one-third of American workers claim Social Security at the early retirement age of 62, lowering their monthly benefits for the rest of their lives. In a recent survey of American workers, nearly half of respondents did not know that their monthly Social Security benefits will be reduced by claiming at the earliest eligible age of 62 — and boosted up to 25 percent for waiting until the full retirement age of 66. Seniors who delay claiming until age 70 receive an even larger financial bump — up to 44 percent more than if they had filed for benefits early. For the average beneficiary that can mean a difference of roughly $1,000 per month in extra income.

via Herb Weiss.

Learn more about our new education initiative Delay & Gain by clicking here.

Source: bit.ly politics social security social insurance earned benefits elderly older americans seniors retirement retirees retirement crisis retirement age retirement security entitlements entitlement reform p2
“Harwood: Retirement age? Stivers: We need to come together. I think we need to say, “You give a little, we give a little,” and figure out how to sustain Medicare and Social Security into the future. The other thing on Medicare is we have to bend the...

Harwood: Retirement age?

Stivers: We need to come together. I think we need to say, “You give a little, we give a little,” and figure out how to sustain Medicare and Social Security into the future. The other thing on Medicare is we have to bend the cost curve on health care.

via CNBC.

Related Reading:

We have been keeping track of Members of Congress’ statements on wanting to cut Social Security, Medicare, Medicaid, and health care in 2018.

You can find the whole project by clicking here.

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Source: bit.ly politics social security medicare medicaid congress healthcare health care p2 elderly older americans earned benefits entitlements entitlement retirement retirees retirement security retirement age seniors social insurance republicans GOP
“Deficit hawks likely will pressure the White House to accept cuts in Social Security and Medicare for future retirees, protecting those already retired or close to it. Their political goal will be to defang public opposition, since younger workers...

Deficit hawks likely will pressure the White House to accept cuts in Social Security and Medicare for future retirees, protecting those already retired or close to it. Their political goal will be to defang public opposition, since younger workers tend not to focus much on retirement when it is several decades away.

But that approach is not going to work. Retirees and their advocacy groups will fiercely resist cutting benefits down the road, because they understand the critical importance of Social Security and Medicare benefits. They also care about the future retirement of their own children. And numerous polls show that the public opposes benefit cuts - a view that is common across all demographic groups and political affiliations.

via Reuters.

Related Reading:

  • New Poll Shows Majorities Do Not Support GOP Proposals for Social Security and Medicare.
    • In the poll of likely voters, 79% favor increasing Social Security benefits — and funding that increase by having wealthy Americans pay the same rate into Social Security as everyone else.   Seventy-seven percent oppose raising the Social Security retirement age to 69, and a whopping 93% favor allowing Medicare to negotiate to bring down the price of prescription drugs.
Source: bit.ly social security politics retirement entitlements earned benefits medicare retirement crisis retirees retirement age p2 seniors older americans elderly healthcare health care rx drugs GOP congress trump donald trump
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