Why Don't More People Wait to Claim Social Security at 66?
Social Security benefits first become available to most people when they turn 62, and more people claim their benefits at that age than at any other. Even though the way that Social Security is structured offers enhanced benefits to those who wait until age 66, many people choose not to wait. Below, we'll look at several reasons why people decide not to delay and assess which of those reasons are the best.
The sad fact is that many people are woefully underprepared for the financial burdens of retirement. The majority of Social Security recipients rely on the program to provide more than half of their retirement income, and a disturbingly large number of people -- more than one in five married couples and two in five unmarried seniors -- get 90% of their retirement income from Social Security.
Image source: Getty Images.
Source: Fool.com