Congress must act on Social Security's solvency
By The Herald Editorial Board
If Congress isn’t sensing a looming problem with a fast-approaching date for the insolvency of the Social Security trust fund — which, according to the program’s trustees just moved up to 2033 — an increasing number of those near retirement are spooked and are deciding to get what they can while they can.
That fear might pressure some constituents to make such a consequential and perhaps financially detrimental decision ought to shame Congress into action.
Between January and May of this year, Social Security retirement claims increased by 18 percent over the same period last year, with some not waiting for their full benefit. For most retirees that might not be the best idea; the longer one waits to collect retirement, the greater the monthly benefit.
While 65 has long been the typical age to begin collecting Social Security, you can claim as early as 62, but at a reduced monthly benefit, up to 30 percent less. For those born after 1960, the full retirement benefit kicks in at 67; and delaying collection each year after further increases the amount until age 70.
Yet, more are heading for an early exit from the working world.
https://www.heraldnet.com/opinion/editorial-congress-must-act-on-social-securitys-solvency/
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