Majority Americans Plan Early Social Security Claims Despite Reduced Benefits
Majority Americans Plan Early Social Security Claims Despite Reduced Benefits

Majority Americans Plan Early Social Security Claims Despite Reduced Benefits

News summary

A recent survey by investment firm Schroders shows that over 40% of Americans plan to claim Social Security benefits before reaching the full retirement age of 67, despite the financial advantage of waiting until age 70 to maximize monthly payments. Only about 10% intend to delay benefits until 70, even though waiting can increase monthly payments by over 30%. The primary reasons for early claims include immediate financial need, fears about the solvency of the Social Security program, and insufficient retirement savings. Experts warn that claiming benefits early can lead to substantial lifetime income losses, with estimates of up to $182,000 in reduced payments. Nonetheless, rising living costs and concerns about the program's future, given projections that the trust fund may be depleted by 2034, compel many to prioritize short-term income over long-term gains. Deb Boyden of Schroders emphasized that the decision to claim early is often a necessity rather than a lack of awareness, as 70% of surveyed Americans recognize the benefits of delaying but still choose to claim sooner due to financial pressures.

Story Coverage
Bias Distribution
50% Right
Information Sources
daae85f0-2883-42fc-b085-888140adf30dd387b58c-602b-49e7-8f0e-990aad2baa47605a98c4-d25e-430b-86c1-9232b14faa6b37a048d0-d1c3-4045-a275-fea6b8818300
Left 50%
Right 50%
Coverage Details
Total News Sources
4
Left
2
Center
0
Right
2
Unrated
0
Last Updated
3 hours ago
Bias Distribution
50% Right
Related News
Daily Index

Negative

27Serious

Neutral

Optimistic

Positive

Ask VT AI
Story Coverage

Related Topics

Subscribe

Stay in the know

Get the latest news, exclusive insights, and curated content delivered straight to your inbox.

Present

Gift Subscriptions

The perfect gift for understanding
news from all angles.

Related News
Recommended News