Since the COVID-19 pandemic hit, ThinkAdvisor notes that researchers are looking for any different trends in claiming Social Security benefits. Some wonder if the pandemic might make people decide to claim benefits early, given the number of people losing jobs.
The Center for Retirement Research (CRR) at Boston College reports two trends that don’t seem affected by COVID-19.
Even though people can start claiming Social Security benefits at age 62, there doesn’t seem to be any real change in the percentage doing so. Researchers note early evidence doesn’t indicate COVID and the related recession pushed people into early retirement.
In 2019, about a third of beneficiaries claimed benefits at 62 while another third waited until full retirement age at 65 or 66.
The other interesting trend detected by CRR is younger generations appear less likely to start taking benefits at 62. They seem more likely to wait until full retirement age.
You Deserve Your Full Social Security Benefits
After working hard for many years and paying into the Social Security Trust Fund, you’re entitled to all of the benefits that were promised to you. This includes an annual cost of living adjustment (COLA). Over a period of years, the fair COLA seniors earned was not provided, which is why Council of Seniors is urging Congress to pass The SAVE Benefits Act. If passed, this bill will return $581 to seniors who did not receive the COLAs.
You can help this cause by signing our petition. The more support we can show for this bill, the better chance we have of getting it passed.