Kathleen Casey-Kirschling is Public Enemy No. 1. Her offense: being born.

[dajoki]

Smile -- You're on Social Security!
By Dana Milbank
Tuesday, October 16, 2007; Page A02
http://www.washingtonpost.com/wp-dyn/content/article/2007/10/15/AR2007101501359.html

When it comes to the nation's finances, Kathleen Casey-Kirschling is Public Enemy No. 1.

Her offense: being born.

Specifically, being born on Jan. 1, 1946, just a tick after midnight. That made her the first member of the 80 million-strong baby-boom generation, which, starting next year, will begin to bankrupt the nation by crashing the Medicare and Social Security systems. To tout this happy "milestone," the Social Security Administration called a news conference yesterday and invited cameras to film Casey-Kirschling signing up for benefits.

<<snip>>

Fixing the two would require Medicare and Social Security benefits to be cut immediately by 51 percent and 13 percent, respectively, perhaps by raising retirement ages. And that's a nonstarter for Casey-Kirschling's generation. "Why should boomers who have earned it and who may need that extra support in their retirement -- for medicine, for food, for whatever -- why should they wait if they really don't have to?" she asked.

<<snip>>

Astrue said he expects Social Security to be fixed before his term as commissioner ends in 2013. And even if not, he added: "It's not catastrophic. . . . Some of the nuclear-winter scenarios that you hear people talking about, really there isn't a factual basis for that."

<<snip>>

"I spent a fair amount of time talking to senior people in the White House, talking to people in Congress," Astrue explained. "There is an acknowledgment that they have to step up and do it."

<<snip>>

So, the Social Security commissioner has secret ideas for fixing the system and lawmakers secretly want to take action? No wonder the members of Generation X -- born after 1964 -- are more likely to believe in UFOs than in receiving their Social Security checks.
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This is a tricky subject, maybe someone can give me an explanation on this. I am on SSD, but my wife is working and recently received her annual Social Security Statement. We are both Boomers (can't give my wife's age, sorry).

According to her estimated benefits , she can recieve partial benefits at age 62. Now here's the tricky part; it says she will recieve full retirement at age 66 and 8 months, but if she works to age 70 she will get a SIGNIFICANT amount more per month. What's up with that? I thought 65 was full retirement for people born before 1960.

A section on the Statement says:

"If you were born before 1938 your full retirement age is 65. Because of a 1983 change in the law the full retirement will increase gradually to 67 for people born in 1960 and later.(my wife was born BEFORE 1960)
Some people retire before their full retirement age You can retire as early as 62 and take benefits at a reduced rate. If you work after your full retirement age, you can receive higher benefits because of additional earnings and credits for delayed retirement."

To me, this sounds like a sneaky way of raising the retirement age. Does anybody get this, or am I way off?

[BrklynLib at work]

1. Thanks for posting.

Not a fan of Milbank...but article is interesting.

[dajoki]

2. Neither am I...

But do you have a guess about my question?

[BrklynLib at work]

3. I was told to take the $ as early as possible..by many people who are in the know

The extra 3+ years of benefits more than covers the increase you would get by waiting.
I am sure that the powers that be would prefer everyone wait as long as possible.

[dajoki]

4. Thank you...

they were my thoughts also.:hi:

[dazzlerazzle]

5. early retirement logic

As a person who spent 35 years working in the same industry, I worked with many others who physically could not keep doing their job safely as their age advanced. If you worked as a lineman for an electric company, climbing poles at age 65 is a job that requires fitness. Those lucky enough to have the health to continue working are able to make the decision to retire early or to keep working. Often, arthritis makes the choice obvious.