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Americans Advised Wait Until 70 To Tap Into Social Security

  • The vast majority of Americans should wait until 70 to collect Social Security, according to a new study by the National Bureau of Economic Research.
  • “Americans are notoriously bad savers,” the study’s authors write. “Large numbers are reaching old age too poor to finance retirements that could last longer than they worked.”
  • They suggest that “essentially all American workers 45 to 62 should wait beyond age 65 to collect their Social Security benefits and that over  90 percent should wait till age 70.
  • The authors of the report, “How Much Lifetime Social Security Benefits are Americans Leaving on the Table?,” estimate that when seniors claim their benefits too early, they may lose more than $180,000.
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