“More Americans Are Filing for Retirement Benefits Earlier—Their Long-Term Retirement Security Could Suffer as a Result,” by Jack Smalligan and Chantel Boyens, UrbanWire
“In the first half of fiscal year 2025, the US experienced record growth in the number of people claiming Social Security retirement benefits. … But claiming Social Security early reduces a person’s monthly benefit and can result in lower lifetime benefits for some retirees, as well as their spouses and dependent children. … This year, individual claims for retirement benefits are up 13 percent compared with this time last year, an increase of more than 276,000 claims.”
LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:
Confidence that Social Security will be there when beneficiaries need it has collapsed. Dubious schemes like WA Cares will face the same fate in time. The more government does to assure people they don’t have to worry about retirement savings, health care and LTC, the less incentive people have to take personal responsibility, the more vulnerable they become to collapsing public Ponzi schemes, and the greater risk everyone faces.