More people applied for Social Security in 2009 than in any other year in history (2.74 million applied).
Is this just the Baby Boomers reaching the age of eligibility? The Baby Boomer generation encompasses those born 1946-1964, and eligibility for full Social Security benefits does not come until age 66, so the first of the Baby Boomers will not reach that eligibility 2012. They can, however, take an early retirement if they are willing to lock in at a 75-percent rate.
So, then, the record number of entries in 2009 is, indeed, partially due to Baby Boomers coming of age.
The bad economy is another reason. Many are out of jobs, searching for incomes, and turning to Social Security to receive the money they need. The converging of a bad economy with the coming of Baby Boomers is driving up the number of Social Security filings.
Knowing many are being forced into early retirement, and thus locking into reduced benefits, we should wonder how they will fare. Will they have enough money? One thing we could do for them is to lock in property tax rates for senior citizens. This would be a step towards protecting them as they are on fixed incomes. That is something we can do on a state basis. And, with the Public Service Commission overseeing utility rates, we should also study whether locking in their utility rates is advisable and doable.
No comments:
Post a Comment