Americans are resigning and retiring in droves to the point that this time period has been referred to as the “Great Resignation.” The COVID-19 pandemic and the ensuing economic turbulence have led some older Americans to consider the benefits of early retirement. And factors like higher home prices, a rising stock market, and stimulus checks are making retirement more appealing. However, there’s also a surprising result: seniors are delaying their Social Security benefits at higher rates than ever.
Why Some Seniors Are Delaying Their Social Security Benefits
According to the Washington Post, about three million seniors have retired since the beginning of the COVID-19 pandemic. This huge wave of retirees has also made an unexpected choice: they’re opting to delay taking their Social Security benefits.
While delaying Social Security benefits can lead to higher monthly checks later on, it’s not what experts expect to see happen during economic instability. But factors like stimulus checks have likely given seniors a financial cushion to allow them to make different decisions. Some retirees are waiting until 70 to start taking benefits, even if they’re retiring in their early 60s. No matter when seniors take their benefits, it’s important for Social Security to be protected.
However, this important program faces looming insolvency issues. As it stands, the Social Security Trust Fund will be depleted in 2035. At that point, benefits would have to be cut by about 25 percent across the board to make up for the shortfall.
This is why it’s more important than ever to take action to shore up Social Security.
The Seniors Center: Working to Protect Social Security
With more seniors retiring, it’s more important than ever to take action to protect Social Security. Seniors have a right to receive all that they’ve earned. However, the Social Security trust fund hasn’t been kept safe from greedy politicians. Instead, our government has been able to use these funds for other projects. It’s time to keep the Social Security trust fund safe.
Enacting the Social Security Lock-Box Act would ensure that the funds for this program are protected and invested in a way that will benefit seniors. At The Seniors Center, we’re calling on seniors from all over to make their voices heard. Add your name to our online petition today, then follow us on Twitter and Facebook for more updates.