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Survey: One Fourth of Those Who Took Early Social Security Would Change Decision

Survey: One Fourth of Those Who Took Early Social Security Would Change Decision
(AP) 

By    |   Monday, 04 July 2016 07:22 PM

A quarter of retirees who opted to receive Social Security benefits early say they would rethink that decision if given the chance, according to a study by the Nationwide Retirement Institute.

Recent retirees are more likely to say that than those who have been retired more than 10 years. A total of 23 percent of recent retirees say they would wait if given the chance, while only 13 percent of those retired 10 or more years did.

People can begin receiving Social Security benefits at age 62, but if they do their monthly payments will be 75 percent of what it would be had they waited until their full retirement age of 66, according to the Social Security Administration. 

But 39 percent of respondents told the Nationwide survey they were forced by personal circumstances, such as health issues or a need for money to tap into their Social Security benefits early.

Ten percent of recent retirees said they were happy with their decision to take the money early because they feared Social Security would not be around long. Eight percent of those retired longer shared that view.

Most recipients correctly calculated the payment they would receive, but of those who missed it most underestimated how much they would get.

Of those still working, but nearing retirement age, 29 percent said they plan to take Social Security benefits early.

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A quarter of retirees who opted to receive Social Security benefits early say they would rethink that decision if given the chance, according to a study by the Nationwide Retirement Institute.
survey, early, social, security, regrets
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2016-22-04
Monday, 04 July 2016 07:22 PM
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