--- In [email protected], off_world_beings <[EMAIL PROTECTED]> wrote: <snip> Most people opt for the reduced (75%) > > monthly payment at age 62, which for most middle-class earners is > > about $950/month currently -- if you wait til age 70 to start > > collecting, you get 125% of the amount that you would get if you > > retired at 66 or 67. > > You can figure all your future payments from calculators at the SS > > site. http://www.ssa.gov/planners/calculators.htm>> > > Hmm, seems like a waste of time.
For many people with relatively meager pensions or savings, it can mean they don't have to struggle constantly just to get by, having to choose between food and medication. And obviously for those without any retirement funds at all, it's a safety net that means they aren't going to be paupers when they can no longer work. Don't knock it; it's a terrific institution.
