RetireBy90
Thinks s/he gets paid by the post
Read an interesting article at
https://www.marketwatch.com/story/why-theres-so-much-drama-about-when-to-claim-social-security-2020-06-25?
Basic it says the question you ask about when to take SS can control the answer.
From a study on "choice architecture"
https://www.marketwatch.com/story/why-theres-so-much-drama-about-when-to-claim-social-security-2020-06-25?
Basic it says the question you ask about when to take SS can control the answer.
Try asking yourself the 2 questions and see if your answer changes, at least somewhat. I've always asked 2nd question and plan to take at 70 to get max benefit, but asking the other way does change my thinking somewhat. I know there are many on the board that take one side and many the other.You get one answer if you frame the issue in terms of how long soon-to-be retirees must live before they make up the income they lose by not claiming their Social Security benefits at age 62. And you get quite another if you frame the issue in terms of how much less their monthly payment will be if they start receiving benefits before reaching the maximum retirement age of 70.
From a study on "choice architecture"
Just found it interesting and perhaps useful in looking at my answer to these kind of questions.To understand their findings, it’s worth remembering that the Social Security Administration (SSA) has set the magnitude of Social Security benefits to be actuarially equivalent no matter when you decide to begin receiving benefits. If you claim your benefits at age 62, the first year in which you’re eligible, you will receive payments over a longer period of time but at a reduced rate. If you instead claim at age 70, the age by which you must begin receiving benefits, your monthly payments will be commensurately higher.