downward mobility - The New School SCEPA

Policy Note | The Social Security benefit structure penalizes people who claim before age 70. Yet over one-fifth of eligible people claim before their full retirement age (age 67 for those born in 1960), and over 90 percent claim before the maximum age of 70, resulting in reduced monthly benefits. While many claim early out of necessity, financial advisors often recommend to those with retirement savings to spend down their savings before tapping into Social Security to increase their lifetime monthly benefit. However, few people have professional advisors. A Social Security Bridge option that is formalized, accessible, and easy to understand would allow beneficiaries to boost monthly benefits and help protect against downward mobility in retirement. This bridge, while important for many, is not a relevant for those with little to no retirement savings. Thus, we also advocate for increasing the Social Security minimum benefit to ensure adequate lifetime retirement income for the over 63 million Americans who will retire without any retirement savings.

Brief— ReLab's chartbook documenting retirement insecurity and the decline in older workers' bargaining power is a resource for workers, employers, media, policymakers, scholars, and the broader public to answer questions about the state of older working America and retirement income security.

On Thursday, May 28th SCEPA's Retirement Equity Lab (ReLab) and the Economic Policy Institute (EPI) partnered together for a webinar on the harsh economic effects COVID-19 is having on some of our most vulnerable: older workers.

The number of 65-year-olds per year who are poor or near poor will increase by 146% between 2013 and 2022.

If current trends persist, nearly 750,000 workers approaching retirement who live in metropolitan areas of New York State, are projected to be poor or near poor in retirement.