Social Security – Don’t Start Early

Don’t start collecting early because Social Security has money problems

Yes, Social Security has money problems. After benefit payments deplete the program’s Trust Fund, in about 2037, Social Security will only be able to pay about 78¢ on the dollar.

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The most prominent proposals to cut benefits:

Raise the Full Retirement Age – So those affected would need to claim later, and collect for a shorter period of time, to get the same monthly benefit.

Freeze the purchasing power of monthly benefits at current levels – So if wages continue to rise, Social Security would replace a smaller share of the earnings of those affected.

Cut the benefits of high earners – But protect the benefits of low earners.

None of these proposals give you more if you claim early. If you are affected, you’ll get less no matter when you claim.

*Nearly all proposals to fix Social Security would also protect those age 55 and older.

© 2009, by Trustees of Boston College, Center for Retirement Research

Does not represent the Social Security Administration.

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