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A promising trend in taking Social Security benefits

(By – Alicia H. Munnell and Anqi Chen, Center for Retirement Research at Boston College)

With lower Social Security replacement rates, vanishing traditional pensions, and longer lifespans, many people will need to work longer to ensure a secure retirement. Working longer directly increases current income; it avoids the actuarial reduction in Social Security benefits; it allows people to contribute more to their 401(k) plans; and it shortens the period of retirement. The good news is that people have begun to respond; the average retirement age has increased by about two years over the last 25 years. Read more…

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