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- But They Wish They Had Filed Later
- Six Figures May Be at Risk Over a Lifetime
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In this first-ever survey to uncover regrets and learnings from those who have filed for
The 2019 MassMutual Social Security Pulse Check commissioned in collaboration with AgeFriendly.com uncovered a valuable 'pay it forward' message from today's - to tomorrow's -retirees, especially younger generations.
"When to retire and file for
Of the startling findings of the survey:
* Three out of 10 (30%) filed at age 62 or younger
* Nearly 4 out of 10 (38%) wished they filed later
* More than half (53%) filed out financial necessity, such as not saving enough, and another one-third (30%) filed as the result of unforeseen issues, such as health issues or employment changes
"People not being able to sustain for very long on what they've saved appears to be a common occurrence today," said Fanning. "This study reveals that many are leaving money on the table that they're eligible for - and that they could have received for many years to come. Planning ahead for the foreseen - and the unforeseen - appears to be the 'pay it forward' message from today's to tomorrow's retirees."
In the simplest and most conservative cumulative calculation, a married couple with longevity into their early 90's could be leaving more than a half million dollars on the table - or as much as
The majority of survey respondents (79%) to the MassMutual Social Security Pulse Check felt that they had the appropriate amount of information about when to file for
"The interesting thing about
For more information and examples of write-in commentary from survey respondents, visit this blog.
MassMutual is a corporate founding sponsor of Age Friendly Advisor and member of the