Knowing when to claim social security can be a confusing scenario. Many would be retirees don’t realize the repercussions of collecting too early. “The consequences of claiming Social Security too early can be big. The report found that collecting benefits at the wrong time causes retirees to collectively lose $3.4 trillion in potential income (an average of $111,000 per household). The report also estimates that elderly poverty could be cut in half if retirees claimed benefits at the financially optimal time.” How does one weigh waiting for the “right time” vs perhaps thinking they should or wanting to retire “right now”? It seems to be that the proverb by Seneca rings true- “It’s not the man who has too little, but the man who craves more, that is poor.” So, when is the right time?
Are You Taking Social Security at The Right Time?