Cash In at Age 75 and Help Save Social Security: Jerome Golden
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There is much talk about the need to bring Social Security into actuarial balance, to ensure that the trust fund stays positive beyond 2035, and the system remains sound for future generations. Why not right that balance and at the same time give Social Security beneficiaries more choices about how and when their benefits are distributed?
Allowing new retirees to decide what benefit structure works best for them -- whether it’s to defer monthly payments until age 75 and beyond, or to save up benefits as a hedge against the eventual cost of long-term care -- could save hundreds of billions of dollars over the next 10 to 20 years, and could well save the program money for generations to come.