| One of the most assaulting effects of the | | | | In 2008, 58 per cent of people who applied for |
| recession has been the number of 'almost there' | | | | early retirement benefits were men, compared to |
| retirees who have been forced to stop working | | | | the current 72 per cent for 2009. An alarming |
| earlier than planned. As the United States | | | | increase for women was seen as well as 64.2 per |
| continues to deal with their economic uncertainty, | | | | cent filed in 2008 compared to 74.7 per cent in |
| many people in the older age brackets that hold | | | | 2009. The Social Security Administration also |
| 20 and 30 years worth of work experience | | | | pointed out that if people claimed full benefits at |
| remain jobless as their professional industries | | | | 66, they would get 75 per cent of the check if |
| simply are not hiring. With the high 9.5 per cent | | | | they applied four years early, but if they waited |
| unemployment rate, recently extended social | | | | until they turned 70, they would be entitled to 32 |
| federal benefits as well as the usual | | | | per cent more. However, most have been forced |
| unemployment insurance that is being paid out like | | | | to either apply early or, if they need more money |
| clockwork, the country is already under | | | | than their checks, to continue working well |
| tremendous financial strain. Factoring in the almost | | | | beyond their retirement years to pay the bills. |
| three million Americans who have been forced to | | | | The Social Security program also forecast that |
| apply for early retirement, this leaves the U.S. in a | | | | the program would return to the black, as benefit |
| bit of an economically compromised position as it | | | | payments will exceed tax collections into 2015. |
| is currently experiencing reduced tax collections as | | | | They also point out that by 2015, they are |
| people cannot afford to pay. | | | | expecting more than 78 million baby boomers to |
| The Social Security Administration has seen a | | | | start retiring. With so little money coming in and |
| record amount of applications for benefits. They | | | | so much going out, it's no wonder the country |
| say that 2.74 million Americans have applied for | | | | remains in such economic turmoil. |
| Social Security in 2009 before their full retirement | | | | It may be a good idea for Canadians to take note |
| age, which is more than any other year in history. | | | | of the current American situation and not allow |
| It just happens this record number of applications | | | | our own financial circumstances to become |
| came the same year the retirement age was | | | | inflated and out of control. Setting aside some |
| bumped up from 65 to 66, which means that | | | | money in an RRSP is simply smart and will leave |
| most of the applicants are having to make ends | | | | you better prepared for the future. |
| meet on reduced benefits. | | | | |