Only 10 percent of Americans plan on maximizing their Social Security benefits - Yahoo!Finance
A fraction of non-retired workers ages 45 and up say they plan to wait until age 70 to begin drawing Social Security. In the recent Schroders’ 2021 U.S. Retirement Survey, only 10 percent of the respondents said they plan on waiting until 70 to maximize their Social Security benefits. Joel Schiffman, Schroders’ head of Intermediary Distribution, North America, said they were “surprised to see so many deciding not to wait until 70 for larger monthly payments considering Social Security is the primary source of income for the majority of Americans we surveyed.” Mr. Schiffman continued, “even worse; many will be sacrificing their full benefits by tapping into them early.” Dawn Allcot’s article appearing on www.finance.yahoo.com reports on the outcome of the survey. Read Ms. Allcot’s article here…
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.