Claiming Social Security Benefits Early Analysis, Issues, and Health Coverage Options

Deciding when to retire and claim Social Security benefits can be one of the most important financial decisions older Americans make. Despite higher monthly benefits for those who delay, many people still claim Social Security retirement benefits at age 62, the earliest age of eligibility. In 2014, these early claimers will see their monthly benefits reduced by 25 percent compared to what they would have received if they had delayed claiming until age 66, the current full retirement age. At the same time, some early claimers do not have access to government or employer-sponsored health insurance. These early claimers may have been able to purchase coverage on the individual market, but they may have also been subject to denials and rate increases because of their health status. This book examines the demographic and occupational characteristics associated with early claiming; retirement income of early claimers compared to those who delay; and how PPACA changes health coverage options for early claimers.