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Social Security Collectors Up 19%

The number of new social secuirty beneficiaries jumped by a record 19% in fiscal year 2009 with more than 2.6 million retired workers entered the Social Security system, up from 2.2 million in fiscal 2008. That's a much bigger increase than during past recessions. "There are just not enough jobs for older people," says Richard Johnson, senior fellow at the non-partisan Urban Institute.  They have no choice but to go on Social Security."  Many older people are actually trying to stay in the workforce longer or seeking to return because their savings have taken a hit by the recession.  New applications for Social Security benefits are due to both the high unemployment rate and Baby Boomers choosing early retirement.  Read full article by Richard Wolf for USA Today.

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