ER increases 25%~ Welcome to the party!

[mickeyd]

This should not surprise most of us that keep track of ER trends, but still interesting.

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.

Early retirement claims increase dramatically - Los Angeles Times

 

[ziggy29]

I wonder how many of these are people who hadn't planned to retire but were laid off and age 62+, and just decided to bite the bullet and start collecting SS instead of trying to fight a terrible job market and rampant age discrimination?

 

[REWahoo]

This is certainly no surprise to me. I know three individuals (including yours truly) who abandoned plans to wait until at least full retirement age to start SS benefits and opted to pull the trigger within the last few months.

 

[ziggy29]

This is certainly no surprise to me. I know three individuals (including yours truly) who abandoned plans to wait until at least full retirement age to start SS benefits and opted to pull the trigger within the last few months.

Yeah, I could see that, too. It's not really a good time to be selling off a bunch of the equities in your portfolio if you don't need to.

 

[bbbamI]

Mmm, hmmm...this is the first time in my life I wish to be 11 years older......

 

[CuppaJoe]

Mmm, hmmm...this is the first time in my life I wish to be 11 years older......

Why you young Whippersnapper! Be careful what you wish for.

 

[mickeyd]

This is certainly no surprise to me. I know three individuals (including yours truly) who abandoned plans to wait until at least full retirement age to start SS benefits and opted to pull the trigger within the last few months.

I'm still holding out as long as I can and hope to not pull the cord for another 18 months or so (age 66), but I am close to pulling the cord on a DB Plan that I have vesting in from an old employer.

The DB Plan continues to grow slowly each month until I'm 65 in November. Since it's not a COLAd Plan, I know that it will be ravaged by inflation over time so I have been letting it build up ever so slowly over the last few years and I now think that it is probably time to just turn on the faucet and let the income stream begin. (Does everyone view their DB Plans as a faucet, or is it just me?)

 

[freebird5825]

Why you young Whippersnapper! Be careful what you wish for.

Two young whippersnappers, mind you.
Only 11.5 years til age 62 here.
We're reviving the ol' buddy system...never swim alone.

 

[mf15]

I planned to work until 66, but we were bought out and the offered an ER package
to all over 60, I plan to take SS at 62,with 14 months to go.
One reason for taking it early is that there seems to be a lot of younger people in their 50's that I know, just dropping over. Three in the last 4 months gets kind of
scary. The other reason is monthly cashflow,do not want to dip into retirement
savings. I suspect that there are many companies offering ER packages, to older folks so they can reduce the high salary base,
they don't care if the loss of experienced people might effect their bottom line in the future.
Been out almost 7 months now, and love it.
I have been factored out of their Global Matrix.

Old Mike