Social Security Report

Knowing the Retirement Age Chart is Key - AMAC & The Motley Fool

Citing updated data from the Center on Budget and Policy Priorities (CBPP), Sean Williams notes Social Security lifts 21.7 million people out of poverty annually, nearly 15.4 million of which are aged 65+. The CBPP estimates that the poverty rate for retirees aged 65+ would be 38%, or about 4x higher than the current 10% poverty rate for seniors, if the Social Security program didn’t exist.  But key to one’s own financial situation is the monthly benefit one receives based on when one starts Social Security. In short, Williams states that patience pays handsomely. He includes detailed charts showing the reductions a majority of claimants will receive, perhaps unwittingly, by grabbing benefits as early as possible at 62. Full piece here.

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