Putman knew a fair amount about Social Security. “It’s part of the intergenerational compact people of our generation made by willingly contributing to support our parents and grandparents,” she said. “I hope the younger people will help me in turn.” As for raising the retirement age to seventy, she said she had heard some talk about that. “I don’t think it’s a good thing, but it might be a necessary thing.” If it turns out that the retirement age for full benefits is raised, those like Putman who take their benefits early will find that a benefit taken early will be reduced even more than it is today—a point I will discuss in another post later this week.
Click here for more from Trudy Lieberman on Social Security and entitlement reform.
Is this the best example you could come up with? It's hard for me (I'm 66) to feel any sympathy or empathy for someone who has a $300K inheritance. I, and many other senior I know, are in much, much worse shape. Not very representative, but maybe easy for the out-of-touch reporter.
#1 Posted by bev c, CJR on Tue 26 Oct 2010 at 01:45 AM
Jennifer Putman is not looking for sympathy or empathy. She illustrates the potential problems many seniors face if they take their Social Security benefits early. In her case, as she says, she is lucky because of her inheritance. But if the value of her nest egg falls, or she lives a long time she will be in the same boat as many who never had much of a nest egg to begin with. The point of this series is to show ordinary people who present different financial situations. Some you may agree with and some you may not. Stay tuned for more.
#2 Posted by Trudy Lieberman, CJR on Tue 26 Oct 2010 at 07:23 AM
Interesting stuff/keep up the good work, Trudy.
Best
Paul
#3 Posted by Paul Sweeney, CJR on Tue 26 Oct 2010 at 02:44 PM
Thanks Paul. Hope all is well and interesting in Texas.
#4 Posted by Trudy Lieberman, CJR on Tue 26 Oct 2010 at 08:52 PM
This series highlights what the SS safety net means to each of us as we get older. The boomer generation has always been depicted as one that was totally selfish until one considers the fact that their contributions over the years helped give SS its present fiscal stability.
People like Ms Putman contributed to this system, so she has the right to choose when she takes advantage of the benefits no matter what her financial situation. The fact that she's fortunate to have an inheritance should have nothing to do with it. Those who think otherwise are just plain wrong.
#5 Posted by dpjbro, CJR on Wed 27 Oct 2010 at 11:28 AM