Smaller Social Security Checks for 1947-Born Boomers

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I applied for Social Security in Feb or Mar 2010 i am supposed to get my 1St check Oct. 20, 2010.What kind of reduction are we that were born in August 1947
supposed to receive?? I was told 740.00 20th of each Month through January 2011.Then I don't know where it is supposed to go from here.Why should we be taking a Reduction we have lived our years & paid our Social Security taxes so why should we be penalized??

Doris E. Burriss of NC 3:35PM August 02, 2010

This story if full of nonsense. The right question to ask is NOT how many dollars you are receiving for social security payment, but what you can buy with the payment.

AL of TX 10:14PM October 16, 2009

I was born in Feb of 1947 and applied in October of 2008. At that time Social Security sent me an estimate of $1470. In April, when I got my first payment it was $1547. In checking I was told I got the 5.8% raise, which went into effect in January.

Dave of IL 7:41PM October 16, 2009

I am 64 and chose not to take Social Security early when I turned 62 or 63. Did I make a mistake that will cost me money? Does this mean that I will be getting less than if I had elected to start receiving Social Security last year or the year before? If so, that does not seem fair.

Bob of RI 9:50AM October 16, 2009

They just don't get it.The storm has just begone,We will be paying attention to our elected and what kind of a raise they get,they will be voted out, if they take a raise.We made this country,and will have a lot to say from now on,we must not let them get away with.They will reap what they sow .They lye to the American people.Its a way of life for them.They have a waked a sleeping Giant.god help our country.

Joan Krebs of SC 7:17AM October 15, 2009