With the Social Security system facing insolvency by 2034, one option to address the program’s fiscal shortfall is to raise the early retirement age of 62. While little is known about the effects this would have on the financial well-being of beneficiaries, a paper released this month by the National Bureau of Economic Research sheds some light on the dynamics involved. The Social Security Act of 1933 set the minimum age for claiming full retirements at 65, but Congress passed an amendment in 1983 that raised that age to 67, with the increase phased in over a 22-year …read more
Source:: Yahoo Finance
