Disconnect between Optimum and Actual Social Security Claim Ages - Motley Fool
The results of a very large survey are in – most people claim Social Security at an age which is far less than optimal for their personal circumstances. Fact is, a large majority of retirees will need to rely on Social Security as a “major” source of retirement income but, nevertheless, only a small percentage of recipients claim benefits at the best time considering their personal circumstances. Indeed, the largest percentage of new beneficiaries claim at 62, the age which also yields the lowest benefit. The survey doesn’t delve into the reasons why people claim Social Security when they do, but the consequences of not fully evaluating what when you should claim, given your personal circumstances, can be financially severe, as explained in this Motley Fool article by Sean Williams. Click here to read more.
Also, if you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security, note that the AMAC Foundation provides a free-to-the-public advisory service to help Americans navigate the complexities of this program. Learn more about it here…