More Americans Making This Wise Social Security Choice

Social Security
stockmania / Shutterstock.com

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.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Read Next
10 Common Expenses That Have Skyrocketed for Seniors
10 Common Expenses That Have Skyrocketed for Seniors

Retirees must stretch their dollars further and further these days — no thanks to these costs.

What is the Cheapest Grocery Store?
What is the Cheapest Grocery Store?

Aldi, Kroger and Walmart: Which grocery store is the cheapest?

15 Ways Retirees Can Make Their Savings Last Longer
15 Ways Retirees Can Make Their Savings Last Longer

Study these strategies to make your golden years gleam.

17 Surprising Things You Can Clean in a Dishwasher
17 Surprising Things You Can Clean in a Dishwasher

It’s often easier and faster to put these household items in the dishwasher than to clean them by hand.

2 Costly Rewards Credit Card Mistakes — and How to Fix Them
2 Costly Rewards Credit Card Mistakes — and How to Fix Them

If you commit either of these credit card sins, you are likely losing money every time you use a card. Here’s how to easily right this wrong.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Most Popular
If You Find This Thrift Shopping, Buy It
If You Find This Thrift Shopping, Buy It

Whether you resell it for a big profit or add it to your own wardrobe, this type of clothing is a hidden steal.

10 Things Frugal People Never Buy
10 Things Frugal People Never Buy

If you’re a true tightwad, the mere thought of spending money on these items gives you the willies.

7 Social Security Benefits You May Be Overlooking
7 Social Security Benefits You May Be Overlooking

There’s more to Social Security than retirement benefits.

This Simple Mistake Might Weaken Your COVID-19 Vaccination
This Simple Mistake Might Weaken Your COVID-19 Vaccination

Avoid doing this before you get vaccinated.

10 Cars You Are Most Likely to Keep for 15 Years
10 Cars You Are Most Likely to Keep for 15 Years

The cars that owners hold onto the longest have one thing in common, a new study shows.

3 Ways to Get Microsoft Office for Free
3 Ways to Get Microsoft Office for Free

With a little ingenuity, you can cut Office costs to zero.

The 6 Best Investing Apps for Beginners
The 6 Best Investing Apps for Beginners

If you’re looking to ease into investing in the coronavirus economy with just a little money, check out these easy-to-use tools.

7 Kirkland Signature Items to Avoid at Costco
7 Kirkland Signature Items to Avoid at Costco

Even if it seems you save a bundle buying Costco’s Kirkland Signature brand products, they may not be the bargain they appear to be.

10 Deep Discounts Available on Amazon This Friday
10 Deep Discounts Available on Amazon This Friday

These items are all steeply discounted — but the deals won’t last long.

9 Things You Should Never Leave in a Car
9 Things You Should Never Leave in a Car

Thinking of leaving these possessions in a car? Prepare for unexpected consequences.

13 Amazon Purchases We Are Loving Right Now
13 Amazon Purchases We Are Loving Right Now

These practical products make everyday life a little easier.

9 Mistakes People Make When Cleaning With Vinegar
9 Mistakes People Make When Cleaning With Vinegar

Cleaning with vinegar can save you a lot of money, but using it like this can cost you.

14 Things You Should Stop Buying in 2021
14 Things You Should Stop Buying in 2021

These convenient household products come with hidden costs that you might not have considered.

8 Things You Should Replace to Improve Your Life Today
8 Things You Should Replace to Improve Your Life Today

Being frugal isn’t smart if you put off replacing these items.

7 Income Tax Breaks That Retirees Often Overlook
7 Income Tax Breaks That Retirees Often Overlook

Did you realize all these tax credits and deductions exist — or that they apply to retirees?

10 Things Successful Retirees Do Differently
10 Things Successful Retirees Do Differently

These habits and characteristics can help put you on the track to success.

7 Costly Health Problems That Strike After Age 50
7 Costly Health Problems That Strike After Age 50

As we age, our bodies wear down. Here is how to cut costs associated with some common ailments.

29 Purchases That Can Save You Money Every Day
29 Purchases That Can Save You Money Every Day

Sometimes, you’ve got to spend to save.

7 Things I Never Buy at Costco
7 Things I Never Buy at Costco

A bulk buy isn’t always the best buy.

View More Articles

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Add a Comment

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.