Social Security 2
December 3, 2007
Social Security Fact versus Fiction
Part 2
Fact: Most of us will not be able to collect full Social Security benefits upon turning 65 years of age. For those born between 1943 thru 1959 you will not be eligible for full benefits until age 66. Everyone born from 1960 on will have to wait until age 67 in order to collect full Social Security benefits.
Fact: For those born prior to 1960 should you choose to collect Social Security at age 62 you will only receive 80% of the benefit amount. Those of us born 1960 or later will receive only 70% of the benefit amount. It is wise to note that as time progress’ the percentage rates will decrease, and quite possibly the age requirements may also change.
In short, there is no immediate need to worry; Social security will be around for some time to come. However, you can expect to receive a reduction in benefits. You may also find that while planning for your retirement you may have to work an additional one or two years longer than anticipated, before you can make your retirement dreams a reality.
Keep in mind that only you can determine if Social Security will provide a substantial income to help support your standard of living you have become accustomed to.
The truth is, lowered benefits amounts are definitely in store for the next generation of retirees. It would be prudent to investigate other ways to invest some of your income now so that you will not have to rely solely on Social Security to support you later in life.
