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Author: tjscott0 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 60122  
Subject: Early retirements strain Social Security system Date: 9/27/2009 10:35 AM
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http://news.yahoo.com/s/ap/20090927/ap_on_go_ot/us_social_se...

Big job losses and a spike in early retirement claims from laid-off seniors will force Social Security to pay out more in benefits than it collects in taxes the next two years, the first time that's happened since the 1980s.

Applications for retirement benefits are 23 percent higher than last year, while disability claims have risen by about 20 percent. Social Security officials had expected applications to increase from the growing number of baby boomers reaching retirement, but they didn't expect the increase to be so large.

ob losses are forcing more retirements even though an increasing number of older people want to keep working. Many can't afford to retire, especially after the financial collapse demolished their nest eggs.

Social Security is projected to start generating surpluses again in 2012 before permanently returning to deficits in 2016 unless Congress acts again to shore up the program.


Article also talks about the trust fund of $2.5 trillion of IOUs.
Politicians will attempt to make good on the IOUs as they wish to be re-elected. But there ain't no guarantee in my way of thinking. tj is eligible for early benefits in 2013. I will be watching the pols closely. And will take the benefit once they decide to grapple with the program deficit to be assured of locking in the benefit under the current rules.
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