More People Taking Early Retirement

For impact on the overall Social Security system, this new statistic is significant for several reasons. It impacts the maturity of the workforce, it demonstrates the desperation of people who are exhausting their unemployment benefits. But more importantly for disability claimants, it adds one more factor to the delays already plaguing Social Security,
The LA Times reports today: “Instead of working longer as the economy worsens, more Americans are calling it quits before age 66. The ramifications could be profound for the retirees, families, government and social institutions.

Reporting from Washington — Instead of seeing older workers staying on the job longer as the economy has worsened, the Social Security system is reporting a major surge in early retirement claims that could have implications for the financial security of millions of baby boomers.

Since the current federal fiscal year began Oct. 1, claims have been running 25% ahead of last year, compared with the 15% increase that had been projected as the post-World War II generation reaches eligibility for early retirement, according to Stephen C. Goss, chief actuary for the Social Security Administration.: See full article here: