More Filing for Social Security

Illustration: Jon Krause

At 64, Gene Langston of Watkinsville, Ga., was planning to work at the Oconee County Sheriff’s Office a few more years before collecting his Social Security benefits. But when the county offered him an early retirement package in March, Langston had a change of plans.

“I did the math and decided I’d take the penalty on my Social Security benefits,” says Langston, who plans to apply for benefits early next year. He stands to lose at least 6 percent of his benefits by taking them before reaching his full retirement age of 66.

At a time when many people are trying to keep working, the Social Security Administration is bracing for an increase in early applicants, like Langston, as well as those of full retirement age and older. In May, applications were already running 9 percent higher than the predicted 15 percent increase for fiscal year 2009, according to the Office of the Chief Actuary.

So, will all these retirees further burden Social Security? Not much, according to Stephen Goss, chief actuary for the SSA. He says because early retirees will receive reduced monthly benefits for life, the increase in applications will not significantly affect the solvency of the system. 

Angela Bryant Starke is a writer based in Knoxville, Tenn.