An idea to expand family leave benefits would let new parents take leave now and start their Social Security retirement benefits later. Experts weigh in on the pros and cons for families.
div > div.group > p:first-child"> But in order to take time off, parents must be willing to take their Social Security retirement benefits a little later.
"The U.S. is one of the few countries that doesn't have paid family leave, and it's clearly a need and can often cause families hardship around the time of a birth," said Melissa Favreault, senior fellow at the Urban Institute, a non-partisan economic and social policy research organization. Under the plan, parents could elect to take one, two or three months off. The amount of benefits they would receive during that time would be calculated based on Social Security's current disability formula, which generally provides a higher payout on your current work history compared to calculations for retirement benefits.
That is because there's speculation Social Security may not be on a stable, long-term footing financially, Elsasser said. The trust funds which help pay for retirement and disability benefits are projected to run out of cash reserves by 2034.
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