The “New Retirement” Strategy That’s Gaining Popularity
Recent studies have shown that the impulse to file for Social Security benefits at the earliest possible age (62) is giving way to deferred filing, either at the full retirement age (66/67) or even up to age 70. Whether that’s because of a better understanding of the long-term impact of early retirement penalties or the efforts in many quarters to dispel the rumors that the Social Security program will “soon” vanish is subject to debate, but Fidelity’s Social Security IQ shows that the proportion of those planning to file at 62 is dropping near the one-quarter mark. Further, the survey found that “the percentage of people 65 and older who still work has also been climbing.” The combination of these two mindsets–delayed filing and a longer working life–will undoubtedly improve the future financial lives of many retirees. Read more about this trend in a CBS NEWS article posted on http://www.wsaw.com.
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