Too many decisions: When to retire, how much to spend and how to invest savings all should affect when a person decides to collect Social Security benefits. However, since so many decisions take place at retirement it appears that too many options can result in confusion and paralysis, pushing many people to take Social Security early by default.
Lack of knowledge: Half of Americans (52 per cent) are not knowledgeable about general strategies to maximize Social Security benefits and 62 per cent have not actively looked for information. Sixty per cent have not discussed their Social Security decision with anyone.
Will Social Security survive?: Is Social Security running out of money? An overwhelming 83 per cent of Americans have concerns about its viability, yet most studies show Social Security is solvent well into the decade of 2030.
Spouses Have Rights TooAnother area where retirees struggle is how retirement affects their spouse. The report found that retirees are not fully aware of all their options:
- Almost half (49 per cent) of respondents admit they are not knowledgeable about spousal benefits.
- Fifty-six per cent are uninformed about widow benefits.