explanade
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- May 10, 2008
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https://www.washingtonpost.com/busi...esignation-retiring-delaying-social-security/
Some seniors are flush with cash from stimulus and unemployment benefits. They also saw expenses plummet when they didn't go into the office for work.
Many have also seen their retirement account balances shoot up during the pandemic, allowing many to retire rather than go back to work -- a trend which is a part of the Great Resignation.
We just saw the biggest drop in the number of people applying for SS in a 12-month period in almost 2 decades, for the year ending 9/5/21.
It was a 5% year over year drop compared to the previous year. Another pandemic factor which may have contributed to the drop in applications is that a lot of SSA offices were closed or had limited service during a significant span of the pandemic.
Also during this same 12-month period with drop in the number of SS applications, there was a 5% increase in retirements among age 65-69 workers.
Story talks of some retirees delaying long-planned trips or even keeping their spending down so that they could retire.
But they are also seeing that even a year of waiting to apply for SS would give them 9% higher monthly payments.
One financial advisor quoted in the article says that a lot of people may be maximizing monthly SS checks instead of lifetime returns. She noted that one factor is that by waiting, they may be missing on a chance to invest excess savings that they may have now.
Some seniors are flush with cash from stimulus and unemployment benefits. They also saw expenses plummet when they didn't go into the office for work.
Many have also seen their retirement account balances shoot up during the pandemic, allowing many to retire rather than go back to work -- a trend which is a part of the Great Resignation.
We just saw the biggest drop in the number of people applying for SS in a 12-month period in almost 2 decades, for the year ending 9/5/21.
It was a 5% year over year drop compared to the previous year. Another pandemic factor which may have contributed to the drop in applications is that a lot of SSA offices were closed or had limited service during a significant span of the pandemic.
Also during this same 12-month period with drop in the number of SS applications, there was a 5% increase in retirements among age 65-69 workers.
Story talks of some retirees delaying long-planned trips or even keeping their spending down so that they could retire.
But they are also seeing that even a year of waiting to apply for SS would give them 9% higher monthly payments.
One financial advisor quoted in the article says that a lot of people may be maximizing monthly SS checks instead of lifetime returns. She noted that one factor is that by waiting, they may be missing on a chance to invest excess savings that they may have now.