Even though the number of people claiming their benefits at age 62 has fallen to the lowest percentage in 30 years, it is still the most popular age for people to claim. Brian reveals three of the most popular reasons people claim their Social Security benefits early: 1) Fear that the Social Security system will collapse. 2) Concern that they may die before they receive any payments. 3) An expectation that they may not live to the crossover year when benefits become equal to each other. He will address each reason individually and use math and sound logic to show why each of those reasons are misguided and are poor justification for claiming early. Brian debunks all three concerns with historical data proving his points.
In general, people justify claiming early because they believe the risk is too high and they are going against the odds if they delay. Doherty will clearly illustrate that the risks are much higher, and people are really going against the odds when they claim early. He will also demonstrate why the Social Security claiming decision for most people will be one of the most important financial decisions in their lifetime. For anybody doing a retirement income plan, it is critical that they start that plan with the Social Security claiming decision. Making a better claiming decision will help make the whole planning process smoother and easier. Brian will also address the effect that Social Security will have on the five biggest financial risks people will face once they do retire.
Brian will also address the effect that Social Security will have on the five biggest financial risks people will face once they retire: Longevity Risk, Withdrawal Rate of Returns risk, Inflation Risk, Market Risk and Healthcare Costs. Making a better Social Security claiming decision can dramatically reduce all five of those risks and put the individual or married couple in a much better position to enjoy a more financially comfortable retirement. Maximized Social Security benefits can affect directly or indirectly these retirement challenges.
Contributions from the book Guide to Social Security in this press release are used with permission from Light Bulb Press.
Brian Doherty was a co-contributor to this press release.