Without Tier 5 Unemployment Extension, 99ers Forced to Turn to Social Security

[Joanne98]

Here is a question that puts another perspective on the debate for a Tier 5 unemployment extension bill. What do some 99ers do when they have exhausted their unemployment extension benefits and couldn’t find a job? They file for Social Security benefits, and, they are doing that in record numbers.

The struggling economy, high unemployment rate and a weak job market has made some sectors call for a Tier 5 unemployment extension to attend to the needs of 99ers – unemployed Americans who have expended the maximum 99 weeks of federal jobless insurance. Senator Debbie Stabenow (D-MI) responded to that call by filing S.3076, “The Americans Want to Work Act” on April 4.

According to a report by the Associated Press, more Americans filed for Social Security last year, a record 2.74 million. And majority of those who filed did so ahead of their full retirement age. Some of those who filed are 99ers who have exhausted their unemployment extension benefits and are likely hoping for a Tier 5 extension.

Because they have exhausted their unemployment extension benefits, qualified 99ers and those who have felt the pinch of a weak economy, have filed for Social Security earlier than they want to. In 2009, almost 72 percent of men and almost 75 percent of women who filed opted for early benefits. Both figures reflect marked increases over 2008 numbers – 58 percent increase for men filers and 64.2 percent increase for women filers. These numbers reflect the need for a Tier 5 legislation. Otherwise, the Social Security fund will be subjected to great strain because of the flood of early filers.

Quoting Jason Fichtner, an associate commissioner at the Social Security Administration, the AP report said the weak economy has led more unemployed Americans to retire early. Stabenow’s Tier 5 bill could have helped Paul Skidmore, a 63-year old jobless worker from Miami, who plans to file for Social Security as his unemployment extension benefits have ran out. The same bill could have also benefited 63-year-old Jan Gissel of Tustin, Calif. Forced to retire early, Gissel turned to unemployment benefits when her business failed and filed for Social Security last September. Together, the checks are keeping her afloat.

http://all247news.com/without-tier-5-unemployment-extension-99ers-forced-to-turn-to-social-security/3296/

[daleanime]

1. The only change that should be made to Social Sercurity...

is to lower the age.

[dflprincess]

2. For full benefits

right now a person takes an awful hit if they "retire" before they reach maximum benefit age.

[daleanime]

3. Hell yea...

[leftofcool]

4. Some do and some don't

My hubby would take a pretty big hit but my brother in law did not. The difference for him in 63 and 66 was only 142 dollars a month. He chose to go ahead and take his now.........just in case it wasn't gonna be there later on.

[dflprincess]

5. For some, $142/month could be a lot

depending on what the benefit is.

I was surprised when I got my statement this year. My "official" full retirement age is 66 but if I work until I'm 70 and don't file for benefits until then, I'll get just over an additional $500/month. I figure I'll be working until 70 because I'll need that extra money for my Medicare supplement.

[leftofcool]

15. Very true. Bro in law just said he needed the money now and not later.

[doc03]

7. Not necessarily, if you retire at 62 instead of 66

you receive a smaller monthly check but unless you live past 77 years of age you receive more money than the person that keeps working until 66.

[dflprincess]

9. Except how much money you have to pay the monthly bills is what matters

for most of us. Collecting more in the long run doesn't help if you can't buy groceries in the short term.

[MineralMan]

8. That depends on how long you expect to live.

For some people, early retirement makes sense. For others, less so.

In some cases, there's no option.

[dflprincess]

10. The fact that there is no option is why the age for full benefits should be lowered. n/t

[MineralMan]

12. I don't disagree.

For now, the amount I can earn is limited, since I could see my SS benefit reduced if I earn more than about $13K per year. That restriction ends on my 66th birthday, which is my full retirement age. I'm looking forward to that, since my new business could earn more than it currently does. I have to monitor my income closely and have had to turn down work. Next year, that ends.

[doc03]

11. In my case I worked shift work in a steel mill for

40 years, not many of us that worked in the mill ever make it to 77. I thank God I had a Union job and receive a decent pension so I was able to retire early.

[doc03]

6. I wasn't laid off for 99 weeks but took SS and my company

pension after about 60 weeks of unemployment. I could have received SS and unemployment for another 39 weeks but just got fed up with dealing with the Jobs Service morons and called it quits..

[Doctor_J]

13. Likely part of the plan

putting more pressure on SSA will enable the "better hand it over to Goldman" sales pitch.

[Jefferson23]

14. K&R