This session will cover:
46% of people take benefits at age 62 thus incurring a 25% penalty (reduction of benefits) for the rest of theirs and their spouse's life. That difference when factoring in COLA's and extended life expectancy can mean well in excess of $500,000 in lost income over their lifetimes.
75% of people take benefits before FRA (Full Retirement Age)
Many people do not realize that by postponing benefits from 66 to age 70 means an increase of 8% per year in benefits (32% increase) from the age 66 amount and 57% higher than the person who took benefits at age 62, not including COLA's.
How does divorce affect one's social security benefits?
How does death of a spouse affect one's social security benefits?
People don't realize that once and individual turns 66 there are options available as to taking benefits that do not necessarily mean using one's own benefits record. Example: My wife is 66 and taking benefits, since I am 66 also, I can take my spousal benefits (1/2 of my wife's benefits) while leaving my benefits alone until age 70. Thus my benefits will be greater and upon my death she will receive my greater benefit checks.
10,000 American's turn 65 every single day for the next 17 years (76 million American's). Social Security will be the bedrock / foundation for many recipients and I am sorry to say that for 50% of them social security will be their sole source of retirement income.
"There are no bad decisions, just uninformed decisions"