Sure, you can start your Social Security benefits at age 62. But is it better to claim early or delay benefits until a later date?
While a one-size-fits-all answer doesn’t work for everybody, a new study suggests that ill-timed Social Security strategies are costing Americans dearly.
United Income found that retirees might lose $3.4 trillion in potential income due to timing of when they enroll for their benefits. The research was a joint effort between the fintech company and former top policy officials from the Social Security Administration.
What about the income effect on retirees at a personal level? On average, each retired household would miss out on $111,000 of lifetime benefits. And for current retirees, premature decisions could add up to collective losses of roughly $2.7 trillion.
That would average out to roughly $67,000 in lost income per household.
