Forced to Retire, Some Take Social Security Early

social security

MIAMI (AP) - A wave of people opting to collect Social Security benefits early is contributing to the trust's first-ever shortfall.

More people filed for Social Security last year than ever in history, and there was a marked increase in the number receiving reduced benefits because they filed ahead of their full retirement age.

Officials say part of the increase is due to the increase in the full Social Security retirement age last year from 65 to 66.

But they say there's no doubt some is also attributable to people cashing in early because they've lost their jobs.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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