The Social Security Amendments of 1961
“ allowing workers to begin taking benefits as early as age 62, with a catch: If they elect to take benefits early, they'll receive a reduced retirement benefit.”
Those who want to receive the social security benefits as early as 62 can sign up for it with the catch of their monthly payout being permanently reduced. About 60% choose to take their benefits before the full retirement age. In turn, the benefit amount will be less than the full retirement benefit amount. I personally think that this amendment helps both the government spending as well as the elder population. With the reduction and the amount of people that accept early benefits causes the amount spent on social security to be less. In addition, it is an added benefit to those who are no longer physically able enough to work at an old age but have not reached the retirement age to receive supplemental income/benefits.
Those who want to receive the social security benefits as early as 62 can sign up for it with the catch of their monthly payout being permanently reduced. About 60% choose to take their benefits before the full retirement age. In turn, the benefit amount will be less than the full retirement benefit amount. I personally think that this amendment helps both the government spending as well as the elder population. With the reduction and the amount of people that accept early benefits causes the amount spent on social security to be less. In addition, it is an added benefit to those who are no longer physically able enough to work at an old age but have not reached the retirement age to receive supplemental income/benefits.
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