Some Americans are claiming Social Security years before full retirement age out of fear their benefits will be cut once the program runs short on cash

3/15/2023

Some Americans are claiming Social Security years before full retirement age out of fear their benefits will be cut once the program runs short on cash.

Per WSJ: they say they want to get as much in benefits as they can before 2034. That is when the retirement program is projected to deplete its reserves, triggering a 23% reduction in benefits, unless Congress acts.

25% men and 27% of women filed for benefits in 2021 when they turned the minimum claiming age of 62.

In June, the trustees for the Social Security Trust Funds projected a 23% cut in retirement benefits if Congress fails to act on the program’s finances before 2034.

For many, the math favors starting to take Social Security benefits at 70, when monthly benefits before cost-of-living adjustments are 76% higher than at 62, according to Laurence Kotlikoff, a Boston University economist.

Read more: https://www.wsj.com/articles/social-security-benefits-early-future-1fd0fdf2

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