Forty-four percent of Americans surveyed said they were concerned that Social Security may run out of money and stop making payments, and 36% expect they’ll need the money. Why more Americans plan to take Social Security earlier:
benefits earlier than later, even if it means they won’t receive the maximum payout, according to asset management firm Schroders.Social Security benefit payments
, according to the 2023 Schroders U.S. Retirement Survey of 2,000 US investors nationwide ages 27-79 between February 13 to March 3. Overall, 40% of non-retired respondents plan to take their Social Security benefits between ages 62-65, leaving them short of qualifying for their full retirement benefits., and most Americans would be leaving thousands of dollars on the table for their retirement years. For example, if you retire in 2023 at full retirement age, your maximum benefit would be $3,627 . However, if you retire at age 62, your maximum benefit would be $2,572. At age 70, your maximum benefit would be $4,555.
“The choice to forgo larger Social Security payments is a deliberate one, as 72% of non-retired investors – and 95% of non-retired ages 60-65 – are aware that waiting longer earns higher payments,” Schroders said in a statement.Forty-four percent said they were concerned that Social Security may run out of money and stop making payments, and 36% expect they’ll need the money, the survey said.
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