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Boomers' Eagerness to Retire Could Cost Them

USA Today, 1/16/08

Abstract:

They're known as one of the most rebellious generations in U.S. history, not to mention the largest. This year, the oldest of the 79 million baby boomers born from 1946 through 1964 turn 62, which means they become eligible for Social Security. The boomers — projected to live longer than any previous generation of Americans — will have the longest retirements, too.

Can they afford to retire? How far will their Social Security checks go? They reality is this: Many of those who retire early will accept reduced benefits — and in doing so will risk falling short of their financial needs...

...About half of the soon-to-be-63-year-olds are expected to do just what their parents did: file for Social Security benefits at the youngest possible age, in exchange for a smaller benefit than they'd get if they waited to retire at 66. Many are relying on conventional wisdom that suggests they're better off filing for Social Security as soon as possible.

Yet if they follow that advice, millions of the oldest boomers may be about to make a colossal error — one that would be magnified by their record-setting longevity.

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