From an article in the Social Security Bulletin, the agency's scholarly publication:
A retired worker's Social Security benefit depends in part on the age at which he or she claims benefits. Working longer and claiming benefits later increase the monthly benefit. Information about trends in employment at older ages and the age at which individuals claim Social Security benefits can help policymakers assess the effectiveness of current policies in influencing the timing of retirement and benefit claims. Both the labor force participation rate among older Americans and the age at which they claim Social Security retirement benefits have risen in recent years. For example, from 2000 through 2015, the labor force participation rate among individuals aged 65–69 rose from 30 percent to 37 percent for men and from 19 percent to 28 percent for women. Since 2000, the proportion of fully insured men and women who claim retirement benefits at the earliest eligibility age of 62 has declined substantially.
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I think there is not choice for most people to work longer as many have not properly prepared for retirement earlier in life. I think to aid them and reduce strain on the program that it will not be long before we see a change to retirement ages. The cost of healthcare may be playing into increased retirement ages. CMS released on Friday:
ReplyDeleteU.S. health care spending grew 5.8 percent in 2015, reaching $3.2 trillion or $9,990 per person. As a share of the nation's Gross Domestic Product, health spending accounted for 17.8 percent.
In my middle 50's and I expect that I will see them change my early RIB date moved from 62 to 65, Medicare age upped to 67 and FRA to 72. I also expect them to take DRC away.
If the new cheeto in chief doesn't abolish the program in some form of privatization.