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Starting Social Security early typically means getting a smaller benefit for the rest of your life. The penalty is steep: Someone who applies this year at age 62 would see their monthly benefit check reduced by nearly 30%.Many Americans have little choice but to accept the diminished payments. Even before the pandemic, about half of retirees said they quit working earlier than they¡¯d planned, often due to job loss or health issues. Some have enough retirement savings to delay claiming Social Security, but many don¡¯t. And now, with unemployment approaching Depression-era levels, claiming early may be the best of bad options for older people who can¡¯t find a job.But the penalty for early filing, and the bonus for delaying your application, are based on old formulas that don¡¯t reflect gains in life expectancy, says economist Alicia Munnell, director of the Center for Retirement Research at Boston College. The result is a system that unfairly penalizes early filers, unjustly benefits late filers ¡ª and hurts lower-income people the most.¡°Low-income people disproportionately collect benefits at 62 and their benefits are cut too much, and high-income people disproportionately delay claiming till 70 and their benefits are increased too much,¡± Munnell says. ¡°So you penalize the low-income and you benefit the high-income.¡±The problem started off as a solutionOriginally, Social Security had one retirement age: 65. In 1956, Congress authorized a reduced benefit for women, to allow them to retire at the same time as their typically older husbands. The reduced benefit option was extended to men in 1961.The amount of the reduction was meant to be ¡°actuarially neutral,¡± so that the cost to Social Security would be the same whether those with average life expectancies claimed the smaller check earlier or the larger check later.As life expectancies rose, though, early filers wound up living with the penalty for longer. In 1956, a 65-year-old woman had an average life expectancy of 16.9 years. Today, it¡¯s 21.6 years, Munnell says. Instead of being actuarially neutral, in other words, the current system results in early filers with average life expectancies getting less.On top of that, Social Security offers a bonus for those who can afford to wait. A 1% delayed retirement credit was introduced in 1972, and the amount was increased over the years to the current 8%. So each year you put off claiming Social Security past your full retirement age adds 8% to your payment. Full retirement age varies according to birth year and is 67 for people born in 1960 or later.Let¡¯s say your full retirement age is 67 and your benefit, if started then, would be ,000 a month. Starting at 62 would shrink the benefit to 0, while waiting until 70 to begin would boost the amount to ,240.The longer you live, the more you can benefit from a delayed filing ¡ª and the higher your income, the longer you¡¯re likely to live. In fact, most of the gains in life expectancy in recent years have accrued to higher-income people.Between 2001 and 2014, for example, life expectancy rose by more than two years for men and nearly three years for women with incomes in the top 5%, according to a study for the Social Security Administration. During the same period, life expectancies for those in the bottom 5% of incomes rose a little less than four months for men and about two weeks for women.How benefits could change to be fairerTo restore actuarial fairness, the penalty for early filing should be lower, Munnell says. Someone who retires at 62 instead of 67 should get 22.5% less, rather than 30% less. Similarly, the bonus for waiting should be reduced to just below 7% per year.¡°The way it¡¯s set up now, people will get 124% of their full benefit if they wait till 70 and they really should only get 120%,¡± Munnell says.Obviously, Social Security has bigger problems. Once its trust fund is depleted, as projected in 15 years or so, the system will be able to pay only 79% of promised benefits in 2035. That proportion is estimated to drop to 73% by 2094.When Congress finally gets around to fixing the system, Munnell says, it should consider making the payouts more fair.¡°I think there¡¯ll be some grand bargain on Social Security at some point because I don¡¯t think anybody¡¯s really going to allow benefits to be cut 25%,¡± Munnell says. ¡°This [actuarial fairness] probably should be put on the agenda.¡±This article was written by NerdWallet and was originally published by the Associated Press.More From NerdWalletHow to Renegotiate Your Bills to Save MoneyFeeling Out of Control? These Money Moves Could HelpRenters at Risk: Ways to Cope in the Financial CrisisLiz Weston is a writer at NerdWallet. Email: lweston@nerdwallet.com. Twitter: @lizweston. 4771

TALLAHASSEE, Fla. - The Tallahassee Police Department announced Tuesday the outcome of a "large-scale" human trafficking investigation that resulted in 178 people being arrested.The department recently concluded a two-year-long operation, called "Operation Stolen Innocence," involving human trafficking and child sex trafficking right within the Capital City community.TPD Chief Revell said that it started with an investigation after a 13-year-old child¡¯s image was seen on a prostitution website. Investigators with TPD¡¯s Special Victims Unit set up an operation to rescue the child to ensure her safety. Operation Stolen Innocence involved underaged people being sex trafficked right here in Tallahassee. @abc27 pic.twitter.com/mZjRn7kDD3¡ª Jada E. Williams (@JadaEWilliams) November 17, 2020 The investigation began in November 2018. Since then, 106 people have been charged with felonies and 72 with misdemeanors. Nineteen people also face federal charges, according to Revell.Charges range from solicitation of prostitution to human trafficking of a minor. Police said all suspects are from the southeast region, spanning all the way to Mississippi and Alabama.Revell said that he's "never been a case of this magnitude" in the 30 years he's been in Tallahassee. One of the investigators who was praised for her work on the case called the initial case that leads to dozens of arrests "horrific." More than 170 people were arrested in connection to Operation Stolen Innocence. Charges range from misdemeanor to felony. @abc27 pic.twitter.com/K5cGQNcU2A¡ª Jada E. Williams (@JadaEWilliams) November 17, 2020 "We know it's going on in our community. We need to address this and we know it takes state and federal partners," Revell said.TPD did not release any specifics on individual cases to prevent from identifying any of the victims.Now, police are asking other victims to come forward. They said some of the most common ways to recognize a potential human trafficking victim are:The person appears malnourished.They show signs of physical injuries or abuse.They avoid eye contact, social interaction, and law enforcement.They do not have official identification or personal possessions.They are never away from people.If you see something, say something and call TPD at 850-891-4200. You can also remain anonymous by calling Crime Stoppers at 850-891-TIPS.Revell, other representatives from the agency, as well as representatives from the United States Attorney¡¯s Office Northern District of Florida, State Attorney¡¯s Office for the Second Judicial Circuit, Homeland Security, United States Marshal Service, Florida Department of Law Enforcement, and the Leon County Sheriff¡¯s Office, were in attendance for the announcement Tuesday morning.WTXL was at the event and streamed it live on Facebook. You can watch the full announcement below: This story was first reported by WTXL Staff in Tallahassee, Florida. 2941

TEMPE, AZ ¡ª A train has caught fire after a derailment on a railroad bridge over Tempe Town Lake.The incident occurred around 6 a.m. local time on the south side of the lake near Mill Avenue.A spokesperson with Tempe Fire Department says the incident involves a Union Pacific train that derailed and caused a partial bridge collapse over Tempe Town Lake.About 90 firefighters from multiple departments are at the scene of the second-alarm hazardous materials response.A Union Pacific spokesperson says eight to 10 rail cars caught fire and three tank cars fell onto an empty park area below.The spokesperson says two tank cars contained cyclohexanone and one contained a rubber material. None are believed to be leaking and no tank cars were involved in the fire.One person was reportedly treated for smoke inhalation, but the train crew is not injured. No other injuries have been reported.The Phoenix region's Valley Metro says light rail trains are not crossing Tempe Town Lake at this time due to the fire. Valley Metro's train service is being rerouted at Mill Ave/3rd St and Center Parkway/Wash St.Tempe Police say some streets in the area are also restricted and freeway traffic on the nearby Loop 202 may be impacted due to smoke.It's unknown what caused the derailment.This story was originally published by Ashley Loose on KNXV in Phoenix. 1357

TAMPA, Fla. ¡ª A Florida father died after his ambulance broke down and it took nearly an hour to get him to the hospital. WFTS uncovered that this failure is part of a record of repair problems and an even bigger problem putting the public at risk.When Richard Bateman, a 50-year-old father who traveled the world playing with heavy metal bands, collapsed in his living room on September 5, his wife, Amy Bateman, called 911.A Tampa Fire Rescue engine and ambulance arrived within minutes. But when they tried to drive him to the hospital, the ambulance would not start. The crew called for a backup rescue truck.The second ambulance arrived nearly 40 minutes after the first 911 call.¡°It was heart-wrenching,¡± Amy Bateman said. ¡°It was horrible.¡±The ride to the hospital took 11 minutes. Moments after arrival, Richard Bateman was pronounced dead of a heart attack.¡°If that first ambulance wouldn¡¯t have died, he might not have died,¡± said Amy Bateman.Records show: 989

The banana phone is back.A startup that licenses the Nokia phone brand has unveiled a new version of the 8110, a curved mobile phone that was first released in 1996 and featured in "The Matrix."The phone, which is offered in banana yellow and black, will sell for €79 (). It comes loaded with a new version of the game Snake, Finnish startup HMD said in a statement."This is a return to the glory years of Nokia," said Ian Fogg, senior analyst at IHS Markit. "But it also includes all the new technology."The 8110 comes with 4G, and a handful of apps including Google Maps, Facebook and Twitter. But it doesn't have a flashy operating system and users won't be able to download other popular apps.Fogg said that basic -- or "feature" -- phones are appealing because they are reliable, and can run for a long time on a single charge. The 8110 goes 25 days in standby mode, for example.Nokia used to be the world's largest maker of mobile phones, but it struggled to adapt to the era of smartphones and compete with the likes of Apple and Samsung.Microsoft purchased the company's handset business in 2013, but later unwound the deal. Nokia now focuses on making technology for telecommunications networks.HMD, which has licensed the Nokia brand since 2016, sold over 70 million handsets in 2017, according to IHS. That puts its sales, on an annualized basis, in the same league as Sony and Lenovo."HMD's strategy clearly aims to return Nokia to be a mobile market leader, even if it's too early for HMD to realistically target displacing Samsung or Apple," Fogg said.Nokia marketed the original 8110 as "the first of its kind in terms of its ergonomics." Its battery lasted up to six days, and it was able to store 16 ring tones and up to 324 names and numbers."It feels good in the hand and fits into any pocket. The revolutionary curved design fits the natural shape of your face," the company said in a press release at the time.  1948