Concerns Over Social Security Administration Insolvency and the Effectiveness of Early Filing Strategies
- 1The Social Security Administration trustee projects that the Old-Age and Survivors Insurance Trust Fund will be depleted in the fourth quarter of 2032.
- 2The SSA Office of Inspector General's FY2023 audit found that 46% of retirement, survivor, and disability overpayment notices failed to meet agency requirements.
- 3Starting retirement benefits at age 62 instead of age 67 results in a 30% reduction in monthly benefit amounts.
So what's the key point?
The Social Security Administration funds could run out by the end of 2032. If retirement benefits are started at age 62, the monthly amount will be 30% less than the original amount.
Source Fortune · View original ↗
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