Retirees' Social Insecurity U.S. News & World Report (06/03/02) Vol. 18, No. 2 p.77; Wiener, Leonard
A growing life expectancy and changing Social Security rules are making it difficult for retirees to decide when they should begin collecting benefits. This year is the last when a 65-year-old can retire with full Social Security benefits, and 46 percent of retirees choose to collect benefits at age 62, and suffer a 20 percent to 30 percent cut in benefits. Those who choose to delay collecting benefits until after their normal retirement age could receive a bonus. Legislation from 2000 eliminates the limit on job earnings after the standard Social Security retirement age, allowing retirees to collect benefits while working. Many experts recommend waiting to collect, but say that those who collect Social Security early are driven by the need to cover living or medical expenses.