The Average Retiree Could Collect an Extra $740 in Social Security Benefits by Making This 1 Simple Move

Fool - Dec 18th, 2024

A significant number of retirees depend on Social Security, but many are unsure how to maximize their benefits. The age at which one begins claiming benefits is crucial, with early claims reducing monthly payments and delayed claims increasing them. Full benefits are available at full retirement age (FRA), typically between 66 and 67, but claiming early at 62 reduces benefits, while delaying until 70 increases them. The average monthly benefit at 62 is $1,298, rising to $2,038 at 70. Delaying benefits can substantially boost payments, but personal goals and circumstances should guide the decision. While delaying is financially beneficial for most, individual retirement goals and health considerations should also influence the timing of claiming benefits.

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RATING

8.2

Fair Story

Consider it well-founded

The article provides a comprehensive overview of Social Security benefits, focusing on the impact of the claiming age on retirement income. It uses data from reputable sources and presents information clearly, though it could benefit from more diverse perspectives.

Accuracy

The article is factually accurate, citing specific data from credible sources like the Gallup poll, Nationwide Retirement Institute survey, and Social Security Administration. The figures regarding benefit amounts and percentages are consistent with publicly available data. However, more recent statistics could enhance precision.

Balance

While the article discusses the benefits of delaying Social Security, it briefly acknowledges the potential downsides, such as health concerns and personal goals. It could improve by further exploring alternatives or perspectives on early claiming to provide a more comprehensive view.

Clarity

The article is well-structured and uses clear, neutral language. It effectively communicates complex information about Social Security in an accessible manner, though it could benefit from more headings or subheadings for readability.

Source quality

The article references reliable sources like the Social Security Administration and the National Bureau of Economic Research. However, it would strengthen its credibility by providing more detailed citations or links to the studies mentioned.

Transparency

The article is transparent in its presentation of data and acknowledges the complexity of the decision-making process for claiming Social Security. It could improve by explicitly stating any affiliations or potential biases of the authors or sources.