Collins was among 1.3 million men age 62 and older whose retirement benefits began in 2009, according to Urban Institute research.
That was up 20 percent from 2008 and the most new male beneficiaries in any year since Social Security payments began back in 1940, Johnson said.
Collins didn't mind that Social Security would reduce his monthly payments by about 25 percent, or roughly $250, for starting to collect at 62 instead of 66. After talking with an accountant, Collins determined that he was better off getting less money now than he would be if he waited for larger monthly checks later.
"I did the math, and if I had waited for my full retirement (at age 66), I would have had to wait until I was 82 or 83 years old before I made up the money I was getting between 62 and 66," Collins said. "To tell the truth, I wasn't really sure if Social Security would be around when I'm 82, or at least in the same form."
Since Social Security allows retirees to earn up to $14,100 a year before their retiree benefits are penalized, Collins plans to supplement his Social Security payments with some plumbing jobs and the $3,000 to $4,000 he earns each year as the chairman of the Greene County Board of Education.
Jason Fichtner, the chief economist at the Social Security Administration, said many older workers are hanging on to recoup losses that their 401(k) retirement accounts suffered during the economic crash.
"There are some who said, 'I was going to retire this year or next year, but my 401(k) is now a 201(k), so I'm going to keep working until I'm 68 or 70,'" Fichtner said.
Current projections show the Social Security program has sufficient funds to remain solvent until 2037, but the trustees have warned that "long-run program costs are not sustainable under current program parameters."
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