Silver Fox readers have a great concern today, which is Social Security.  Some of you may already be drawing on your account, while others will be able to within the next five to ten years.  You can check the age at which you will receive full benefits, depending upon the year of your birth. 

If needed, many folks can take early benefits at 62, or wait for full income at 65, 66 or 67.  Delaying until age 70 gives you an added amount.  Again, check your birth year.

The last adjustment was made in 1983.  Here is the current ruling. Those born before 1938 have a normal retirement age of 65. Normal retirement age increases by two months for each ensuing year of birth until the 1943 year of birth, when it stays at age 66 years until the year of birth 1955. Thereafter the normal retirement age increases again by two months for each year ending in the 1960 year of birth, when normal retirement age stops at age 67 for all born thereafter.

 While Social Security was never meant to be all the money a retiree needs, it sure can be a big help each month.  Don’t you want your children and grandchildren to have Social Security?

The American Academy of Actuaries released numbers on Aug. 4 that show that retirees are living longer and the number of wage earners to support them is dropping.  Thomas Terry, vice president and chairman of the Pension Practice Council, said that based on actuarial figures, Social Security would go into debt in 2017 and be completely exhausted in 2041. The actuaries are suggesting that the Congress and President support legislation to increase the full retirement age.  They are not suggesting that those born before 1960 be affected.  While raising the age won’t solve all the problems, it will be a good start.   

Please think about these Social Security issues and discuss them with your loved ones.  While current rules will probably not impact the Silver Foxes, retirees after our generation will have a problem.

Our increased longevity is part of the problem, but the Silver Fox is not going to suggest that we kill folks off or stop paying them Social Security once they live past a certain age.  Increasing the retirement age seems a lot less painful when we look at it that way.