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Al
Are you saying, if I am 62 in the year 2006 that I will
have to accept reduced benefits. My birthdate was long before 59.
Phil.
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phearn,

The answer is yes. More precisely, your benefit (adjusted for inflation which is another issue) at age 62 in 2006 will be less than a person electing to take Social Security in 1999 at age 62, with the same income history. You can read about the details at www.ssa.gov which I find very helpful. Also, there's a good synopsis in the World Almanac and Book of Facts. I've got the 1997 edition and it starts on p. 708 there.

Don't take it all that personally, it's demographics.
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<>

Phil,

You were born in 1944. That makes your SSNRA (Social Security Normal Retirement Age) 66. In any case you can't get full benefits at age 65 unless you were born in 1937 or before.

You can wait until you are 66 to take full benefits, or you can retire at 65 and have benefits reduced by 1/15 (6.67%). Your choice.

Al
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