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Patience is a financial virtue when it comes to claiming Social Security
In this Benefits Pro article by Marlene Satter, the author discusses a new study by the Center for Retirement Research at Boston College, comparing the propensity to claim Social Security benefits early to the seemingly natural inclination to defer purchasing an annuity to supplement future retirement income. The catalyst to improving the benefits and returns from both, the article concludes, might be to have more patience. In the case of Social Security, both a higher increase rate and lower base benefit amount might encourage people to wait longer to achieve a higher benefit at a later age. Click here to read more.
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