 Health & Nutrition
Thoughts on
Aging
Social Security Benefit and Retirement Age
(1 minutes: 46 seconds)
 WMA (audio
only)
Audio/Video Script:
Dr. LaVona Traywick
Assistant Professor - Gerontology
[Announcer] Welcome to Thoughts on Aging with Dr. LaVona Traywick,
Assistant Professor of Gerontology with the University of Arkansas Division of
Agriculture Cooperative Extension Service.
[Dr. LaVona Traywick] Have you ever
heard it said, "If seniors would work longer, it would help save
Social Security"?
Whether that statement is true or not depends on whether the
person saying it is referring to our current system or proposing
change through the government to raise the "normal" retirement
age.
In our current system, if you retire at your "normal" age,
currently at age 66, you receive your set benefits. If you
retire earlier, say at age 62, you receive a reduction to your
benefit. But if you retire later, say at age 70, you receive a
higher benefit. So regardless of what age you retire, Social
Security is designed to be "actuarially fair" which means, on
average for the population, the total lifetime benefit is the same
whether you retire early or work later.
So when you decide to retire, it is up to you, just know that you
won't be affecting Social Security's finances at all.
Thanks for listening to my thoughts on aging.
[Announcer] Thank you for listening to Thoughts on Aging with Dr. LaVona
Traywick. To learn more about this and other topics, contact your local county
Cooperative
Extension Service office.
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