meemoon wrote:"A full retirement age used to be 65, but it shifts up to 67 or so now, so on 65 you dont receive full payment any more?" ... Exactly correct. Let's face reality. You have "baby boomers" too. We already have plans in place that allow you to work (and contribute FICA deductions) until you are 72. We are hitting new walls every day.
,moon me and u are in the 66 year old group, which is the largest chunk , i will post the schedule at the end of this. we still can retire at 62 as before the change, but when u use to take the 62 age, u got 80 percent of what u would have got at 65, now since im in the 66 year old group, if i choose 62 i would get 75 percent of what i would get at age 66, one thing my boss is going through, even if ur in the 66 year old group, my boss is in the 66 year group and was told he could get medicare insurance, as before at age 65, of course 75 percent of ur social security at 62 years of age, the closer u come to 66 before u get on it, the larger the percentage u draw gets, i reada few days ago, if nothing changes, no more increase in tax or anything like that social security is solvent till the year 2041.. i will be dead, lol but of course, some things will have to change for younger pll. my neighbor i grew up with has a degree and works for the social security administration, and he told me long ago to take the 62 year old option of at that time 80 percent and now 75 percent, and he told me how long i would have to live to start loosing money takeing that 62 year old option.. and it was alot. in other words, the amount of money u draw from 62 years of age to 66 years of age, is a fair size chunk, and if u wait, and only live a few years, ur loosing money waiting, i know anyone on social security, like gypsy maybe, is probably like my mom, everyyear, she got a raise depending on the inflation rate, and that will be going up as inflation the news says will increase., with products costing more, because of transportation, my only problem is i cant get medicare till 65, so if obama get univeral health care im going at 62,, but if no medical insurance im working till, 65, well here is the age chart, as follows. as u know the law changed, u can draw it and still work . if u use to draw it u could not work till age 70 to not loose benefits, but that is no longer how it is, that changed as all this changed when this new law passed, many years ago,
Normal Retirement Age Year of birth Age
1937 and prior 65 years of age ,full retirement,
1938 65 and 2 months
1939 65 and 4 months
1940 65 and 6 months
1941 65 and 8 months
1942 65 and 10 months
1943-54 66 < MY GROUP full at age 66.. born in 51
1955 66 and 2 months
1956 66 and 4 months
1957 66 and 6 months
1958 66 and 8 months
1959 66 and 10 months
1960 and later 67