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The Social Security Administration projects that about a million of those first baby boomers will take the early retirement option.  Even though their monthly checks will be as much as 25 percent lower than if they waited until they are 66, the age at which they could receive full retirement benefits, many will opt for early retirement.

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Oldest Boomers Now Eligible for Social Security

Oldest Boomers Now Eligible for Social Security

 

            This year the first of the baby boomers, people born in 1946, will turn 62 years old and become eligible to claim Social Security retirement benefits.

            The Social Security Administration projects that about a million of those first baby boomers will take the early retirement option.  Even though their monthly checks will be as much as 25 percent lower than if they waited until they are 66, the age at which they could receive full retirement benefits, many will opt for early retirement.

            In all, there are nearly 80 million baby boomers, Americans born between 1946 and 1964. They've had a big impact on American culture and they'll have a big impact on Social Security's finances. That's because they had a lower fertility rate than their parents and grandparents. Baby boom females had, on average, just under two children, down from more than three children per woman in previous generations.  That "baby bust" means there will be fewer workers paying into the Social Security system to support each retiree. Instead of three workers per retiree, there'll be just two.

            The system will remain solvent because the Social Security Trust Fund will be able to cover the shortfall until 2041. Then, if nothing is done to shore up the system, payroll taxes will cover just 75 percent of promised benefits.

            To bring the system back into financial balance Congress and the president will need to agree on tax increases or benefit cuts, or both. If they decided to just raise taxes to solve the problem they could make the system solvent for the next 75 years by simply boosting the payroll tax 1 percentage point for workers and 1 percentage point for employers, according to the 2007 annual report of the Social Security Trustees.


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1808 Clark Street, Carterville, Illinois 62918
Phone: 618-985-4529
Toll Free: 800-336-4529

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1808 Clark Street
Carterville, Illinois 62918
Phone: (618) 985-4529