1. Home
  2. More
  3. Social Security: Nearly Half of Americans Plan to Take Benefits Early
  • Sign up
  • Sign in
Money Talks News
  • Popular
  • Latest
    • Coronavirus
    • Ask Stacy
    • Make
    • Save
    • Borrow
    • Grow
    • Live
    • More
  • Deals
    • Automotive
    • Clothing & Accessories
    • Computers
    • Electronics
    • Everything Else
    • Financial Services
    • Gaming & Toys
    • Health & Beauty
    • Home & Garden
    • Movies, Music & Books
    • Office & Supplies
    • Special Occasion
    • Sports & Fitness
    • Store Events
    • Travel & Entertainment
  • Podcasts
  • Solutions
  • Academy
  • Subscribe to our newsletter
  • Follow us on Facebook
  • Follow us on Twitter
  • Search our site
7 Dumb Ways You Waste Money Daily7 Dumb Ways You Waste Money Daily
5 Things You Must Do Before the Next Recession5 Things You Must Do Before the Next Recession
Woman checking her mailbox17 States Sending Stimulus Checks of up to $1,500
Costco Bakery12 of the Best Things to Try at Costco’s Bakery

Social Security: Nearly Half of Americans Plan to Take Benefits Early

However, there are some important drawbacks to this strategy.

Chris Kissell • August 5, 2022 • Advertising Disclosure

Share on Facebook Share on Twitter Share by Email Share on Pinterest Printable version available to members PDF version available to members
Happy senior couple
pikselstock / Shutterstock.com

Deciding when to apply for Social Security is one of the biggest challenges you’ll face in retirement. Both options — taking benefits early or waiting until later — have pros and cons.

All things being equal, experts generally urge people to wait until at least their full retirement age, and possibly age 70, before taking Social Security.

Yet, 42% of Americans either “strongly agree” or “somewhat agree” that they plan to both file early for their benefits and continue working, according to a survey of 1,853 adults age 26 and older conducted by The Harris Poll on behalf of the Nationwide Retirement Institute.

Among generations, 51% of millennials, 42% of members of Generation X and 26% of baby boomers plan to use this approach.

The survey found a significant rise in the number of people who plan to apply for benefits early and continue to work, with the percentage increasing from 36% in 2021 to 42% today.

The increase was especially notable among women, jumping from 34% in 2021 to 42% now.

Senior woman at home
See Also:
6 Things Retirees Wish They Had Done Differently

While taking benefits early makes sense in some situations, it does have drawbacks, especially if you continue to work. Money Talks News founder Stacy Johnson once explained one of the biggest downsides by using himself as an example:

“My Social Security will not be reduced when I earn money on the side after I reach my full retirement age. However, should I choose to take my Social Security before that age, and I also continue to work, my Social Security payments will be reduced. The reduction is $1 for every $2 I earn over a certain threshold.”

That earnings threshold is $19,560 for 2022. For more on Stacy’s take on the subject, check out “Can I Work While Getting Social Security?”

So, while a lot of folks plan to take Social Security early, they should think their options through carefully before forging ahead. For more on the benefits and drawbacks of this strategy, check out:

  • “5 Times When It’s Smart to Claim Social Security Early“
  • “7 Reasons Not to Take Social Security at Age 62“

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

  Like Article   Add a Comment

Sign up for our free newsletter!

Simple ways to make, save, and grow your money daily:

  happy subscribers    

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

MTN Podcasts

Every week our podcasts bring you lively money discussions that will give you a few laughs along with advice that will make you richer.

Money with Stacy Johnson

Listen/Subscribe

Read Next

Some of our favorite stories for you to read next.

Senior using a smartphone
12 Ways Retirees Can Earn Passive Income
Worried retiree
Half of All Retirees Say They Fear This
Happy senior couple
3 Costly Social Security Mistakes That Women Make
Sign up for our free newsletter!

Join our many free newsletter subscribers building wealth and destroying debt:

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Popular Topics
  • Retirement Investment
  • Surveys for Money
  • How to Make Money Online
  • Emergency Stockpile
  • Free Movie Streaming
  • Senior Discounts
Connect
  • Support & FAQs
  • Memberships
  • About
  • Contact
  • Careers
  • Accessibility Statement
Media
  • Advertise
  • Television
  • Where We Air
  • Scripts
  • Sitemap
Legal
  • Terms
  • Privacy
  • Cookies
Editorial
  • Fact-Checking Policy
  • Ethics Policy
  • Corrections Policy
  • Ownership & Funding Info

Do Not Sell My Personal Information

© 2022 Money Talks News. All Rights Reserved.
‭1 (833) 669-8557 | 1732 1st Ave #26661, New York, NY 10128

Advertising Disclosure: This site may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website.

View This Page Without Ads

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

Get Started

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

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.

Sign up for our free newsletter!

Join our happy subscribers and sign up for our free newsletter! You'll get:

  • Tips and advice from our expert money reporters. (Our average experience is 18 years!)
  • Unexpected ways to make more and spend less, delivered to you daily.
  • The best deals and coupons to save on everything you buy.
  • Free copies of our eBooks '208 Ways to Save Money Every Day' and '108 Easy Ways to Earn Extra Cash', together a $29 value!

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.