Most Americans understand Social Security, but concern over its future is pushing many to claim retirement benefits early, a recent Schroders survey said.
Americans knowingly leave money on the table by drawing on their Social Security benefits early, a recent Schroders survey said.Most Americans plan to draw on their Social Security benefits well before reaching the age of claiming the maximum amount, according to a recent survey.
"We have a crisis of confidence in the Social Security system, and it's costing American workers real money," Deb Boyden, Schroders head of U.S. defined contribution, said. "Fear about the stability of Social Security has people walking away from money that could improve their quality of life in retirement."
For married couples, deferral until age would increase the possible survivor benefit for a surviving spouse, ensuring they will receive the maximum Social Security benefits during the difficult period when a spouse passes, Doerrer explained. If you are planning for retirement, paying down debt can put you in a better position financially, and a personal loan could help.
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