Social Security benefits are an earned right that should never be cut.
Unfortunately, currently they can be. If Social Security benefits are claimed before an individual reaches full retirement age, their monthly benefits are cut.
Additionally, this cut does not go away once the individual reaches full retirement age. Rather, this benefit cut is both automatically applied and permanent, Investopedia reports.
Full Retirement Age?
The first question to answer is: what do you mean by “full retirement age?”
The “full retirement age” is when an individual is officially entitled to their full retirement benefits. This age varies depending on the year an individual was born and can be found on the Social Security Administration’s website.
How Much is Cut?
The next question to answer revolves around “how much?” If benefits are to be cut, then how much will an individual lose?
Overall, the answer depends on when an individual claims their retirement benefits.
Investopedia provides this hypothetical situation:
An individual with a full retirement age of 67 decides to claim early. By claiming at 62 years old, the individual will be able to collect benefits for 60 months longer. This extra time causes a 30% reduction to the monthly benefits. This means that those entitled to a full retirement benefit of $1,000 a month would only get $700.
This reduction will decrease each month the individual waits to claim their benefits. For instance, at 63 years old, the individual will have a 25% reduction, but at 65 years old, the individual would be able to collect 86.7% of their full benefits.
As it is, those potential retirees have been working for at least 10 years to earn the 40 credits required to retire. So why is it that they receive less of the benefit they earned?
We Can Help
The good news is we are here to help. Senior Security Alliance has crafted The Senior Citizens Bill of Rights, a piece of legislation that outlines 7 rights that give senior citizens a more financially secure future.
Of these 7 rights, the first states that “Social Security is an earned benefit and can never be cut.” Through this right, all senior citizens would receive the full benefits they are entitled to.
Help us urge the politicians in Washington to pass our bill by signing our petition and taking action.
Then, be sure to follow us on Facebook and Twitter for all things relating to Social Security, retirement, and senior citizens’ rights.
