1) Benefits are critical.
Data from the Social Security Administration shows that 61% of retired workers (including 71% of unmarried individuals and 48% of married couples) count on their retirement benefits to comprise at least half of their monthly income.
2) It pays – big.
Social Security pays nearly 63 million Americans to the tune of approximately $1 trillion in benefits each year.
3) Too many file early.
According to the Centers for Retirement Research at Boston College, approximately 60% of seniors file for Social Security benefits before reaching their full retirement age. That means more than 24 million of the current 41.51 million retired workers would likely receive a monthly payout that’s below what they would have received had they waited until their full retirement age.
4) It pays to wait.
An individual who receives $1,000 in Social Security retirement benefits a month at age 62 would get at least $1,333 at age 66 and $1,760 at age 70.
5) Help is needed.
In 2013, Financial Engines’ conducted a study to understand what influences Americans’ decisions regarding when to claim Social Security. Four out of five individuals surveyed claimed they would find it very useful to speak with an advisor who could give them personalized claiming guidance.
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