When to begin taking Social Security is the subject of great debate – and highly personal. Sometimes it’s a matter of necessity. But starting your benefits simply because of concern Social Security won’t be there for you in the future may be risking your future financial security.
·Senior Columnist
Wed, August 9, 2023 at 11:57 AM EDT·5 min read
Few workers plan to get the largest Social Security check they can by waiting a little longer to claim, while everyone else is going with a use-it-or-lose-it mindset.
Only 10% of non-retired Americans say they will hold off until age 70 to receive their monthly Social Security check, according to a new survey from asset management company Schroders, the age when they receive the most in benefits. Four in 10 (40%) workers won’t even wait until their full retirement age and plan to tap their Social Security benefits between age 62 and 65, taking the smallest amount available to them.
The number one reason workers said they will take benefits before 70 is because they’re concerned Social Security may stop cutting checks before they reach that age, according to the survey of 2,000 US investors between 27 and 79, with 44% citing that reason.
Finance Yahoo https://www.yahoo.com/author/kerry-hannon/
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A strange age range in the survey group. Ages 27-79. Some are already receiving SS and some are far removed from it. I would hope everyone nearing retirement can be sensible about it and continue to count on it.
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Hope springs eternal
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