The Wall Street Journal recently ran a story entitled, The Biggest Mistakes People Make With Social Security, and in the number one position was thinking they will die young and opting to take early Social Security. For the typical American between the ages of 55 and 64, the present value of their lifetime stream of Social Security payments amounts to about 60% of their retirement assets, according to Boston College’s Center for Retirement. And it’s true for the wealthy, not just middle and low-income retirees. “If you have a high-earner couple who earned the max and don’t claim until 70, you’re talking about getting the better part of $100K per year,” says Alicia Munnell, the center’s director. “You have to be very wealthy before you don’t consider that important.” If you claim Social Security at the age of 70 rather at the age of 62, your benefit will be at least 76% higher. That’s a lot of money over what could be decades of retirement!
https://www.wsj.com/articles/the-biggest-mistakes-people-make-with-social-security-11620561601
