Columnist Amity Schlaes says that the U.S. is facing a Social Security crisis this fall as the number of early retirees is unexpectedly surging.
“In the 12 months ended Sept. 30, 21 percent more seniors opted to begin collecting their Social Security benefits than in the year-earlier period,” writes Schlaes on the Bloomberg wire.
“This was higher than the 15 percent increase actuaries forecast. Many signed up to collect cash at age 62, forgoing the significantly higher pension due to those who retire later in their sixties.”
The government may need to adjust the benefits to cope with this, but has not done so yet. (more)
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