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Retire on Less Money by Claiming Social Security Early
More workers seem to be employing the strategy of “take the money and run,” according to Brian O’Connor in this piece, even though it’s potentially tens or hundreds of thousands less over a lifetime. He cites a 2022 survey by the Nationwide Retirement Institute that states 42% of Americans said they plan to file for Social Security before their full retirement age while also continuing to work. This is up from 36% in 2021. Over a 20-year retirement, the $534 monthly difference would add up to more than $128,000 in retirement income, not counting any cost-of-living increases. Full piece here.