Honey, I Took Social Security Too Early

Deciding when to take Social Security is one of the most important retirement planning decisions people make – and many retirees say they got it wrong. As many as 38 percent of 573 retirees surveyed by the Nationwide Financial Retirement Institute, a unit of Nationwide Mutual Insurance, say they regret taking their benefit early, which locked in their lower monthly payment for life, and wish they had waited. When you look at the differences in their monthly payout, you can understand their remorse. Those …

Not Everyone Is Living Longer

When it is unveiled in the coming weeks, the Social Security Trustees report will no doubt prompt the program’s critics to call for change, as it does each year. And one of their suggestions will likely be to raise the age of eligibility for Social Security and Medicare benefits. It sounds so reasonable. Isn’t everybody living longer? Unfortunately, the answer is no. >> Sign up for the AARP Advocacy Newsletter The truth is that gains in life expectancy are not …

Who Is Taking Early Social Security Benefits?

Financial planners have been advising us to wait as long as possible to collect Social Security to maximize the benefit. A new study finds that many middle-income workers haven’t heeded that call. They were more likely than higher earners to claim their benefit early and live on a permanently reduced payout for the rest of their lives. According to a Government Accountability Office (GAO) study, workers took their benefit early for a variety of reasons: They didn’t expect to live …

Impact of an Aging America on Individuals and Institutions

AARP Executive Vice President Nancy LeaMond delivered the following speech on the impact of an aging America on individuals and institutions in an address to AARP staff and volunteers this morning:   Impact of an Aging America on Major Institutions Good morning. Welcome to the 2014 State & National Group Leadership Summit. And a special welcome to the staff and volunteers who traveled from every corner of the country – and beyond – to be here this week. I’d like …

Do You Worry About Money? Join the Club

Whether you’re nearing the end of your working life or still several decades away, Americans all share the same financial fear: Will I have enough money to retire? More than two in three Americans ages 30 to 64 say their top financial worry is whether they’ll be able to save enough to live reasonably well in retirement, according to a Gallup poll released this week. Not being able to pay for medical costs was the top money fear for people …

Miss Those Paper Social Security Statements? They’re Back

For those of you who liked getting your estimated Social Security benefits statements by mail, you’re in luck. The Social Security Administration says it’s planning to send out paper statements once again, beginning in September. Not everyone will get one, however. Only workers who haven’t signed up to review their statements online will be getting the paper version - and those will be mailed out only every five years rather than annually, says SSA spokeswoman Dorothy Clark. Related: When Should You …