A typical Social Security strategy could cost you $182,000
Summary
New research shows many American retirees claim Social Security benefits too early, which can reduce their total lifetime income by about $182,000. Most workers could get more money overall by waiting until age 70 to claim benefits, but only a small percentage actually do so.Key Facts
- Social Security full retirement age is between 66 and 67, depending on birth year.
- People can claim benefits as early as age 62 but will receive about 30% less monthly.
- Waiting to claim until age 70 increases monthly benefits by about 32%.
- Only 6% of workers wait until age 70 to claim Social Security benefits.
- Claiming benefits before age 70 may cost the average worker around $182,000 in lifetime discretionary income.
- Nearly half of Americans claim Social Security before full retirement age, and about one-quarter claim at 62.
- Many retirees claim early because they worry about not living long enough to benefit from waiting.
- Experts suggest planning for longer life expectancy to maximize lifetime Social Security income.
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