Due to the Great Recession since December 2007, many workers in their late 50s and early 60s, who have little chance of obtaining a living wage job once they are unemployed, are now faced with accepting early Social Security at age 62, lowering their payments permanently, and pushing many of them into poverty.
The longer one waits until starting Social Security, the higher the payment made monthly to the recipient. A cut of 20-30 percent in payments adds up to a lot over a life span on Social Security estimated at 23 years if one retires at 62.
This group just short of normal retirement age is one of the many forgotten groups that add to the suffering and poverty rate in this country as a result of the long term effects of the Great Recession, which supposedly is over, but really is not in reality!
The economic decline that has occurred in the past four and a half years is obvious in so many ways, but the “near elderly” group is one of those hardly noticed, a true tragedy!