I remember when I first heard about retiring as a kid that you did so when you were 62. Since then it seems that number keeps going up every few years. Is 70 the new 62? Or is social security hurting financially that bad? I know the baby boomer generation cashing in is set to seriously tax the system, making it much harder to stay solvent, as is.
Actually, we have another thread on here discussing this law change, called File and Suspend. It did just end, but as the other forum suggests, not for everyone.
Recommend also checking it out. Might help shed a little more light on the issue.
Is a good conversation to have though - at what age should a person be able to retire with full social security benefits, without having to worry about getting less by cashing in early? I always thought 65 seemed fair. I know life expectancy is technically on the rise on this country though, and that should also change the equation of what the government program can afford to handle over time.
Very good point. My guess, and I think I could bet money on it, is that the government put this through as a preemtive measure, regarding the baby boomers. They wanted a cut-off, a bottle neck if you will. Growing up, I was told that I would probably never see a social security check when I am old. Alas, it's probably true.