In this episode of Financial Decoder, host Mark Riepe examines one of the most critical retirement decisions: When should you take Social Security? When you claim too early, your benefits are reduced, and yet a large percentage of people claim at the earliest possible age. What’s driving this decision? Mark looks at three psychological phenomena that could impact the decision: loss aversion, present bias and reference points.
Joining Mark in the discussion is Rob Williams ( , Vice President of Financial Planning, Income Planning and Wealth Management.
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Many of the rules and reports that Mark and Rob discuss can be
found on the website of the Social Security Administration ( .
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The 2017 Annual Statistical Supplement to the Social Security Bulletin ( shows that 30% of Americans claim benefits at the earliest possible age—62. Here’s why many of them regret it. (
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The link between income and wealth and longevity was studied by researchers at the Urban Institute in this 2015 report ( .
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