Thursday, October 11, 2007

Nation's First Baby Boomer Applies for Social Security

USA Today reports that Kathleen Casey-Kirschling, of Earleville, Md., will apply for her Social Security benefit this Monday, October 15. At the age of 62, Casey-Kirschling, born Jan. 1, 1946, one second after midnight, is said to be the nation's first baby boomer, and represents the beginning of a wave of retirees in the U.S. - 82 million - who were born between 1946 and 1964, and will be increasingly eligible to begin taking their Social Security benefits. From the article:
"In deciding when to take Social Security benefits, the couple did the math and agreed Casey-Kirschling would take the money next year. They estimate she will get $240 less per month than she would have if she waited four years, but the money she'll receive -- she wouldn't say precisely how much that will be -- initially will stop her from having to tap other investments, she says.

"I could be dead next year," she says, "so why not take it this year?"

...In each retiree's case, the decision on whether to take Social Security benefits now or later hinges on two issues: life expectancy and investment acumen. Those who take Social Security at 62 will get only 75% of their full benefit each month for the rest of their lives. Those who put off receiving the benefits get a higher percentage of their full benefit, up to 100% for those who wait until age 66 to retire. Those who wait up to age 70 can get 132% of their full benefit."
The full article can be found here:

Have you considered when you will take Social Security?

For more information on Social Security, see WISER's Fact Sheets at, or visit the Social Security Administration's website:

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