More Americans Making This Wise Social Security Choice

What's Hot


How to Cut the Cable TV Cord in 2017Family

8 Major Freebies and Discounts You Get With Amazon PrimeSave

Study: People Who Curse Are More HonestFamily

8 Creative Ways to Clear ClutterAround The House

15 Things You Should Always Buy at a Dollar StoreMore

Pay $2 and Get Unlimited Wendy’s Frosty Treats in 2017Family

5 Reasons to Shop for a Home in DecemberFamily

This Free Software Brings Old Laptops Back to LifeMore

Should You Donate to Wreaths Across America? A Lesson in Charitable GivingAround The House

6 Reasons Why Savers Are Sexier Than SpendersCredit & Debt

Resolutions 2017: Save More Money Using 5 Simple TricksCredit & Debt

10 Free Things That Used to Cost MoneyAround The House

7 New Year’s Resolutions to Make With Your KidsFamily

10 Simple Money Moves to Make Before the New YearFamily

The 3 Golden Rules of Lending to Friends and FamilyBorrow

A report paints a bleak picture of Americans' financial health, especially for anyone in or hoping to reach old age. But there is one bright spot.

A report out of Stanford University paints a bleak picture of Americans’ financial health, especially for anyone in or hoping to reach old age.

Millennials’ average debt is five times higher than it was for people in their age group (25 to 34) 15 years ago, for example, and fewer Americans are opening requirement accounts before age 55.

“Financial security is less likely for Americans in 2014 compared to 2000,” as the Stanford Center on Longevity report sums it up.

Titled “Seeing Our Way to Living Long, Living Well in 21st Century America,” the report is part of the center’s Sightlines Project.

The project investigates how well Americans are doing in three areas the report considers to be critical to well-being as you age:

  • Financial security
  • Healthy living
  • Social engagement

Findings are based on analyses of eight multiyear studies involving more than 1.2 million Americans over two decades.

Among the bleak financial facts, however, one finding stands out for the better: More Americans are delaying their Social Security benefits.

For example, in 2000, 20 percent of 65-year-olds had not filed for Social Security benefits. In 2012, 35 percent had not filed.

Delaying filing for your Social Security benefits can be a wise financial decision because it generally means you will end up receiving more money over time.

As the report explains:

Taking Social Security at 62 results in a reduction of as much as 30 percent in one’s annual benefits — for life. Starting after “normal” retirement age, on the other hand (now 66), results in increased benefits, 8 percent per additional year between the ages of 66 and 70.

To learn more, check out “14 Ways to Get Bigger Checks From Social Security.”

To find out how you can obtain a personalized report on the optimal age at which you should start claiming benefits, check out “Maximize Your Social Security.”

What’s your take on the best age at which you should claim Social Security benefits? Share your thoughts below or in our Forums. It’s the place where you can speak your mind, explore topics in-depth, and post questions and get answers.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!

💰🗣📰

Read Next: Ask Stacy: 7 Things You Need to Know About Social Security

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,892 more deals!