Report finds that seniors have little understanding about Social Security benefits
Are you thinking about filing for Social Security benefits before full retirement age? A recent BMO Retirement Institute report suggests that significant portions of the population have a poor understanding of Social Security benefits and as a result are choosing to take their benefits too early or aren’t taking advantage of strategies that could result in higher benefits. Over time, the cost of those mistakes could result in tens of thousands of dollars in lost benefits. Considering that one in three Americans depend upon Social Security to keep above the poverty line, it is absolutely imperative that individuals considering retiring research their benefit options and make a financial plan. The article can be found here.
Read what Rajiv Nagaich has to say about maximizing Social Security benefits if you are married.