Many people take Social Security at the earliest possible time rather than waiting until their official retirement age, which can cost them over $100K over the remainder of their lifetime. Recessions and a jump in early Social Security claims go hand-in-hand, according to the Center for Retirement Research at Boston College. According to Chicago’s Becker Friedman Institute, there’s been a 7% increase in the number of Americans who retired after the pandemic. Edgar Freeberg, 66, said he had planned on waiting until he was 70 to claim Social Security. “I was going for the 70 thing,†he told USA Today. But after his job was outsourced, he felt he had no other choice. Statistics show that filing at age 62 the average household loses out on about $111,000 in lifetime benefits. Here in Monterey, Social Security payments top the national average by a high margin in the wealthier pockets like Carmel and Pebble Beach. But if you are not on the high end of the wage earning spectrum, it may pay to wait to file.
https://www.usatoday.com/story/money/2020/09/29/social-security-took-checks-early-because-covid-you-get-do-over/3567304001/
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