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U.S. Master Pension Guide, 2012 Edition
Part of CCH's Master Series of professional guidebooks. The book provides a comprehensive explanatory overview of qualified retirement plans and other retirement arrangements, reflecting up-to-date law changes and regulations. Benefit COLAs, calendars, and tables reflect the year 2012 figures.
from Spencer’s Benefits Reports: “Record numbers of older men and women began collecting Social Security benefits in 2009.…probably because many seniors were unable to find work,” said the Urban Institute in a January 2010 Fact Sheet on Retirement Policy.
“In 2009, 1.3 million men age 62 and older began collecting Social Security retirement benefits, 20% more than in 2008 and the most new awards received by men sine Social Security began paying benefits in 1940.” A vast majority of the new benefit awards (97%) were based on the individual’s own earnings history. More women age 62 and older also began collecting Social Security benefits in 2009 than ever before. Of the 1.9 million women who began receiving benefits, 61% were retirees, 18% were wives of retired workers, and 21% were widows.
In addition to economic reasons causing an increase in claims, the Urban Institute pointed out that the number of people turning age 62 increased 9% between 2008 and 2009, reflecting the leading edge of the baby boomer generation.
The percentage of men eligible to begin receiving Social Security benefits at age 62 who actually began receiving benefits at age 62 (called the “take-up rate”) jumped from 22.7% in 2008 to 25.8% in 2009. It was 21.2% in 2007, the lowest take-up rate in the 1977-2009 period. For women, the take-up rate at age 62 was 36.6% in 2009 versus 34.8% in 2008 and 32.9% in 2007.
The Urban Institute also noted that Social Security benefit awards increased 9% from 2007 to 2008 and 10% from 2008 to 2009. It said that “adults with health problems are also more likely to apply for Social Security disability benefits when jobs are scarce.”
A copy of the January fact sheet, entitled Social Security Retirement Benefit Awards Hit All-Time High in 2009, is available at http://www.RetirementPolicy.org.
For more information on this and related topics, consult the CCH Pension Plan Guide, CCH Employee Benefits Management, and Spencer's Benefits Reports.
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