A new study says that virtually all American workers between 45 and 62 should wait beyond age 65 to collect their retirement benefits, and many should wait until 70.
"Social Security is a critically important component of retirement-income security. Unfortunately, hundreds of millions of workers are making arguably highly inappropriate collection decisions — decisions that significantly reduce their lifetime Social Security benefits and, consequently, their lifetime spending," the study authors conclude.
The study authors noted how Americans are "notoriously bad savers" and most retire with "inadequate economic resources. Some 40% of retirees are more than 50% financially dependent on Social Security — and roughly 13% are entirely dependent on those benefits, the researchers said. There are several factors that go into the decision to claim retirement benefits earlier, including the need to pay for life essentials, a concern that Social Security will run out of money, or even the worry that some may not live long enough to justify waiting, accordingSocial Security pays benefits to more than 65 million Americans, mainly retirees as well as disabled people and survivors of deceased workers.
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