Statistics from the Social Security Administration show that about half of all Americans start their retirement benefits early at age 62. But there’s a strong financial incentive to wait until you reach your full retirement age, or even better, delay up until age 70. About half of all retirees say Social Security is their primary income source. So if waiting to take benefits means more dollars, and half of retirees rely on Social Security as their main paycheck, why don’t more Americans maximize their retirement readiness by waiting to start their benefits? A study from the Columbia Business School shows that how information is presented can strongly influence our decision making.
(PS. My apologies for the length of the video. I know I’m breaking some social media rules about length and the average person’s attention span. But if you can stick it out to the end, I think you’ll find some real nuggets of wisdom that may help you make better decisions in many areas of life, not just retirement!)