Why oh Why Do We Take Social Security at Age 62?

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!)


About Mike Wilson

Michael L. Wilson, MBA, CFP®, CRC®, is the owner of Integrity Financial Planning. Prior to founding Integrity in 1998, he worked for two years as a faculty member at the College for Financial Planning in Denver, training other financial advisors. Mike has 10 years of experience in the mutual fund industry, having worked with Fidelity Investments and Invesco Mutual Funds. He holds an MBA in Finance from Baylor University. Learn more about his work at www.integrityplanner.com.
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2 Responses to Why oh Why Do We Take Social Security at Age 62?

  1. Chico says:

    Probably because they’re tired of working and/or they’re unemployed?

    • Mike Wilson says:

      No doubt those are some of the reasons. But if we can avoid being “forced” to start benefits early, it can lead to greater financial security throughout all of retirement!

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