Most people work for decades with the hope that they will eventually retire and be able to enjoy the so-called golden years of life. However, the “full retirement age” (FRA) has changed over the years. Depending on your birth year, FRA may be 66 or 67 years old, and many financial experts are now recommending you hold out even longer to collect Social Security. In fact, they preach waiting until your 70s for the best chances at financial security.
Despite that fact, data from the Social Security Administration indicates that roughly 90% of Americans opt to claim their retirement benefits well before reaching the absolute maximum age threshold. This widespread preference forces us to look past textbook spreadsheets and examine the real-world pressures driving these choices. So, why is this happening? Here are some of the reasons behind it and how it could impact your retirement.
