The Psychology Behind Starting Social Security at 62
September 17, 2024
Social Security supplies a substantial share, and often the majority, of a retiree’s income.
For these older workers delaying signing up for their benefits is often a smart strategy.
For every year they wait, the delay will increase the size of their monthly checks by 7 percent or more.
But, as researchers Suzanne Shu and John Payne point out in a newly published study, that is not what many people do. They explored the reasons so many sign up soon after they turn 62 and become eligible. They also may have found a way to present information about benefits that helps workers make the smarter choice.
You can read about the results of that study here. And, while this study dealt with the psychology of starting Social Security, Stout Bowman uses a modeling tool to analyze the financial impact of starting benefits at various ages.
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