Almost all American retirees claim Social Security at the wrong time, which means they will miss out on a collective $3.4 trillion in benefits before they die.
Even a good portion of people already retired could experience significant benefit cuts in 15 years if the Social Security program runs out of funds as projected.
“People are pretty much doing the opposite of what they should be doing,” said Matt Fellowes, founder and chief executive officer of United Income and co-author of the paper. Only 4% of U.S. retirees are waiting until age 70 to claim Social Security; some 57% should be doing so, the report calculated. Meanwhile, more than 70% start taking checks before turning 64, a time when — ideally — only 6.5% of retirees should be cashing checks. The lost income from these less-than-optimal decisions amounts to about $111,000 per household, the researchers estimate.
“Rather than a simple rule of thumb about when to claim Social Security, the optimal decision varies broadly, both across and within households,” said Fellowes, a former Brookings Institution scholar.
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