SOCIAL SECURITY LAW: SS Retirement Benefits Bleak for 78 million Baby Boomers in 2011

December 27, 2010

Washington, D.C. - The first batch of Baby Boomers, who will reach 65 years old this 2011, faces bleak Social Security retirement benefits as Social Security Administration struggles on fund deficit and full retirement age raise.

The 78 million retirees are expecting to receive their early retirement benefits in 2011. The Social Security Administration has remained confounded on how to provide the financial aid and related benefits such as Medicaid and Medicare, reports said.

According to Social Security reports, the first set of retirees must have filed the claim three months before they turn 65, otherwise, SS Administration will impose penalties.

Baby Boomers who fail to file the claim will have to pay an additional ten percent premium increase for every year they supposed to claim for Part B insurance coverage. Those who are covered by private group health insurance must file the claim within eight months after the private policy ends, SSA reports said.

At least 6,000 retirees who are turning 65 on January 1, 2011 and have signed up for Medicare can only put their hopes up for a provident new year.