Independent
Thinks s/he gets paid by the post
- Joined
- Oct 28, 2006
- Messages
- 4,629
Basically, your SS benefit will be about 5% less than you thought it was going to be. The 5% reduction applies to all years, regardless of when you start benefits.
tjscott0 posted this link on another thread, but I thought it deserved its own. Bad News For Those Born In 1947 - Forbes.com
This is a quirk in the benefit indexing driven by the fact that the benefits for already retired people can't go down, even when CPI changes are negative. I can't claim that I understand the details, but I think Biggs is good enough on the details (former "deputy commissioner" at the SSA) that I trust him on this techy stuff.
He says that people born in 1948 will also be impacted, but by about half as much. Nobody else gets hit.
My interest isn't just academic. I was born in 1947, my wife in 1948 ....
tjscott0 posted this link on another thread, but I thought it deserved its own. Bad News For Those Born In 1947 - Forbes.com
This is a quirk in the benefit indexing driven by the fact that the benefits for already retired people can't go down, even when CPI changes are negative. I can't claim that I understand the details, but I think Biggs is good enough on the details (former "deputy commissioner" at the SSA) that I trust him on this techy stuff.
He says that people born in 1948 will also be impacted, but by about half as much. Nobody else gets hit.
My interest isn't just academic. I was born in 1947, my wife in 1948 ....