The Little-Known Social Security Do-Over Clause That's a Must-Know for Baby Boomers
For most retirees, Social Security doesn't just provide a check. The income they receive each month is a financial foundation tasked with helping them make ends meet. Based on 22 years of surveys from national pollster Gallup, between 80% and 90% of retired workers (at the time of each survey) relied on their payout in some capacity to cover their expenses.
The same will almost certainly be true of future generations of retired workers. Since 2001, Gallup has found that 76% to 88% of nonretirees expect to count on their Social Security check as a "major" or "minor" source of income during retirement. This means getting the most out of Social Security is increasingly important for futures retirees, which at the moment puts baby boomers (persons born between 1946 and 1964) in focus.
"Getting the most out of Social Security" means understanding how you get paid, as well as knowing the ins and outs associated with your claiming decision.
Source Fool.com
