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
Seniors holding hands in pool4 Simple Steps for a More Comfortable Retirement
Happy older investor5 Things You Must Do When Your Savings Reach $100,000
10 Amazing Ways to Build Wealth at Any Age10 Amazing Ways to Build Wealth at Any Age
Senior standing beside window5 Retirement Planning Mistakes You’ll Regret Forever

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

However, there are some important drawbacks to this strategy.

Advertising Disclosure: When you buy something by clicking links on our site, we may earn a small commission, but it never affects the products or services we recommend.

Chris Kissell • August 5, 2022

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.

Money with Stacy Johnson
See Also:
How to Figure Out What You’ll Need to Comfortably Retire

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“

  Like Article   Add a Comment

Sign up for our free newsletter!

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

  happy subscribers    
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 mother and daughter
Am I Eligible for My Mother’s Social Security Benefit?
Man with hush money
7 Secret Perks of Individual Retirement Accounts
Happy senior couple enjoying retirement
26 States That Won’t Tax Your Social Security This Year
Sign up for our free newsletter!

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

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
  • 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

© 2023 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.

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.

Cookie Notice

Our website uses cookies to ensure you get the best browsing experience. By using our website, you agree to our use of cookies. Visit our Cookie Policy and Privacy Policy to learn more.

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!