44% Americans Plan Early Social Security Claims Despite Lower Benefits
44% Americans Plan Early Social Security Claims Despite Lower Benefits

44% Americans Plan Early Social Security Claims Despite Lower Benefits

News summary

Amid growing concerns about retirement income and Social Security's solvency, many Americans are choosing to claim benefits earlier than the full retirement age of 67, despite the financial trade-offs. A significant portion of non-retirees plan to claim benefits before 67 due to immediate financial needs or fears that Social Security may deplete, even though delaying benefits until age 70 can increase monthly payments by up to 76%. Financial advisers like Suze Orman recommend delaying claims if individuals are in good health and can afford to wait, as delayed retirement credits can boost benefits by up to 8% annually until age 70. Recent cost-of-living adjustments and higher interest rates have also prompted retirees to reconsider claiming strategies, as waiting can enhance benefits and allow reliance on other income streams. Additionally, a lesser-known Social Security rule, the Adjustment to the Reduction Factor, may help individuals who claimed early but continued working by potentially restoring some reduced benefits after reaching full retirement age. Social Security payments follow a specific schedule with occasional double payments in months like October and December, affecting millions who receive both Social Security and Supplemental Security Income.

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1
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Last Updated
1 day ago
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