Personal Finance Advice and Commentary

Tuesday, March 20, 2012 12:14 pm
By Jennie L. Phipps ·

Is it a mistake to allow people to claim Social Security at 62 — even at a reduced rate — when we are living longer than we did when the program first started?

The Center for Retirement Research at Boston College examined this question and came to the surprising conclusion that the actuarial assumptions made in 1960, reducing the amount of people who claimed at 62, are still a fairly accurate reflection of the cost — even though we’re living 20 years longer.

I think this retirement planning math is interesting and argues strongly for the long-term stability of the Social Security program.