The Recession May Be Causing Baby Boomers to Claim Social Security Early

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elwoldames of FL 8:40AM January 25, 2010

I HAVE WORKED ALL MY LIFE SINCE I WAS 16, AND NOW I AM 58 AND WORRIED ABOUT MY MONEY, WHICH I HOPED WAS SAFE WON'T BE THERE WHEN I NEED IT. WE NEED TO STOP GIVING MONEY OUT TO PEOPLE WHO HAVE NOT PUT MONEY INTO THIS COUNTRY. AND GIVING MONEY TO THOSE WHO JUST WANT TO DRINK IT UP OR TAKE DRUGS. I KNOW A FEW PEOPLE WHO DO JUST THAT. IT SEEMS THAT THOSE WOULD HAVE ALWAYS WORKED AND PUT IN THE GOVERMENT ARE THE ONES WHO WILL HURT. SO PEOPLE COME OVER HERE AND JUST START DRAWING MY MONEY. IT SUPPOSE TO BE THERE FOR ME. AND THE ELDER PEOPLE OF THIS WORLD ARE THE ONES WHO HELPED THIS COUNTRY. AND NOW PEOPLE WANT TO PUSH THEM OUT LIKE WASTE. I HAVE MORE RESPECT FOR OLDER PEOPLE BECAUSE THEY KNOW WHAT WORK IS LIKE. I WORK EVERYDAY WITH PAIN AND NOW THAT I LOOK FOR THE LIGHT, I AM TOLD IT MIGHT NOT BE THERE. IT LOOKS LIKE SOMEONE DIDN'T MANAGE OUR MONEY RIGHT. EVERYONE SAYS WE NEED TO CUT BACK, WELL I HAVE CUT BACK ALL MY LIFE. NOW IT IS TIME THE LAW MAKERS CUT BACK.
WHAT DO THEY THINK WE SHOULD DONE NOW .

LINDA AUSTIN of TN 3:38PM August 26, 2009

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delivered soma to fl of KS 7:39AM July 04, 2009

I took early retirement! I am now 64 and Still looking for the increasingly elusive partime jobs. The SS keeps desperation at bay. My spouse is still working for another 2 yrs and my SS helps. For us, this is the best thing I have done. We have down sized and are paying off everything. Life has no guarantees and stress is a killer! This may not be for everyone but it is working. By downsizing significantly, we have been able to do a little traveling(nothing exotic), gardening for food and barter with other retirees, and enjoying life. When Medicare kicks in we will both be able to retire since we will need the insurance. Taking advantage of senior discounts, coupouns, etc helps and well it is what it is.

Jan Anderson of NV 4:54PM June 23, 2009

I applied for my SS benefits 2 years ago. I was laid off and didn't have very much in my retirement fund. I found a job making a lot less than I was making. Fortunately, there is a program that help older workers get a job. At the present, I am working and drawing my benefits. My goal is to work and save as I go along. It is kind of rough because I am making a car payment which if I didn't have, I could save more. I have to work so that I can have health insurance. I work enough hours so that I won't go over the earning income limit.

MJoyner of NC 2:16PM June 12, 2009

In my opinion, the primary factor in deciding when to start receiving SS should be to maximize the total amount you can expect to receive over your expected lifetime. If I start at 62, I get $1804/mo. If I wait until 66, I get $2438/mo. That's a difference of $634/mo. Over the 4 years between ages 62 and 64, that works out to $86,592. If I wait until age 66, it will take me 11 years to recoup that $86,592 that I would have received had I started earlier. That means the "break-even" point is 77 years old. According to the tables, my life expectancy is 73 years. The oddsmakers would say I should I start at 62 to maximize my total. I'm now 57, was laid off 6 months ago, haven't been able to buy a job, and am collecting UI which should be good for another year. That will give me 4 years to limp along until I can collect SS at 62 and that is what I am planning to do. Also, with SS scheduled to run dry some time in the future, I say get your share while there is still money in the pot.

Mike of CA 2:11PM June 12, 2009

I retired at age 62 this May 1st. My decision to begin
collecting Socialist Security immediately (age 62) was
an easy one. The payments would effectively reduce
my withdrawals from my 401K. Unless you plan to live
over 90, a modest 5% return on your 401K makes it a
wash as to whether to start collecting at age 62 with
a 25% reduction or wait til age 66. I took the former.
Here's the math if you're interested:
http://www.nysscpa.org/cpajournal/2006/606/essentials/p42.htm
Also keep in mind that with the leftward movement of
the country, when its time to pay the piper, reductions
in SS benefits will occur at the upper end of benefits
(Can you say "Progressive"!). I've reduced the target
on my back by 25% and lovin it ! :-)

Tom of CA 3:17PM June 04, 2009