Will you receive Social Security benefits when you retire?


April 15, 2011
Written by: David Foreman

Every now and then, some of our clients will ask if they can realistically assume they will receive any Social Security benefits when they retire. After all, by 2025 we will have 2.3 workers being taxed to support each retiree. That number was 16 in 1950, and if no changes are made, it will only be another 25 years or so until the Social Security trust fund runs out. For people planning their retirement, it is reasonable to question if they will receive any benefits after paying the tax for so many years.              

In reality, the odds are very low that we will receive no Social Security benefits—we just might not get as much as we see on our annual statements…and we might have to wait longer to receive them. The odds are good that if you’re over 50, you’re going to get your projected amount at those ages. We younger workers, though, should expect to wait beyond age 67 for full benefits. In the news lately, you might have heard the ages 69 and 70 tossed around—a change that is not terribly unreasonable given our increasing life expectancies. A more interesting change, though, would be if they increase the age you can begin receiving early, reduced benefits (currently 62). We’ll see how Washington does the math, and in the meantime we can enjoy watching the debate which is bound to have some drama.

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