New Jerseyans should delay retirement, group says. They’ll have fatter Social Security checks.

People say they'll retire early because they are “sick and tired of working.” I respond that they will be even more sick and tired of not having enough money in old age.

It’s no secret that American workers face a major – and very real – retirement crisis. Wealth inequality and workplace changes have all but kicked-out two of the legs of the traditional retirement stool: pensions and private savings – both of which are at historic lows. More and more retirees have come to rely on the third leg of the stool, Social Security, for most of their income. (The average monthly Social Security benefit in New Jersey is about $1,500 or some $18,000 per year, only a few thousand dollars above the federal poverty line.)
Even with Social Security, nearly 7% of New Jersey seniors live in poverty. The good news is that workers can increase the size of their future Social Security checks by delaying retirement.
via NJ.com

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You can learn more from our education initiative, Delay & Gain, by clicking here.

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Near retirees in Greater Baltimore are being beckoned by a billboard on wheels encouraging them to delay claiming Social Security. Baltimore is one of five U.S. cities where the National Committee has rolled out the “Delay and Gain”project, now in... — Near retirees in Greater Baltimore are being beckoned by a billboard on wheels encouraging them to delay claiming Social Security. Baltimore is one of five U.S. cities where the National Committee has rolled out the “Delay and Gain”project, now in full swing.
In addition to mobile billboards, the public education project is reaching out to older workers via radio ads, editorial content, and social media. The message is straightforward: workers who delay retirement can gain bigger Social Security benefits – extra income that they’ll need in old age.
**Read more from our newest blog post by clicking here.**

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Today, we are announcing the rollout of our new education initiative, Delay and Gain! We will be highlighting the benefits of delaying retirement in order to receive more Social Security benefits.You can learn more by clicking here. — Today, we are announcing the rollout of our new education initiative, Delay and Gain! We will be highlighting the benefits of delaying retirement in order to receive more Social Security benefits.
**You can learn more by clicking here.**

Source: bit.ly social security social insurance earned benefits p2 elderly older americans retirement retirees retirement crisis entitlements entitlement reform delay and gain seniors retirement age

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Another Voice: Delaying retirement means gains in Social Security

It’s no secret that American workers face a major – and very real – retirement crisis. Wealth inequality and workplace changes have all but kicked out two of the legs of the traditional retirement stool: pensions and private savings – both of which are at historic lows.

More and more retirees have come to rely on the third leg of the stool, Social Security, for most of their income. (The average monthly Social Security benefit in New York State is about $1,450 or some $17,000 per year, only slightly above the federal poverty line.) Even with Social Security, 10% of New York’s seniors live in poverty. The good news is that workers can increase the size of their future Social Security checks by delaying retirement.

Louisville workers can gain big by delaying retirement

Workers in Louisville face a major — and very real — retirement crisis. Wealth inequality and workplace changes have practically sawed off two of the legs of the traditional retirement stool: pensions and private savings.

More than half of today’s retirees rely on the third leg of the stool, Social Security, for most of their income. (The average Social Security benefit in Kentucky is roughly $16,000 per year, only about $3,500 above the federal poverty line for individuals.) Even with Social Security, some 13% of Kentucky seniors live in poverty. The good news is that workers can increase the size of their future Social Security checks by delaying retirement.

Read more from our new op-ed by clicking here.

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Women face special financial challenges in retirement, due to persistent wage discrimination and time spent away from the workforce raising children or caring for elderly family members. Because Social Security retirement benefits are based on lifetime earnings history, women’s benefits are typically lower than men’s.

via Delaying retirement boosts Social Security checks.

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“United Income, a financial planning advisory service, just released an important study called, “The Retirement Solution Hiding In Plain Sight.” Using government data and proprietary software, it calculates how much money retirees have lost, and are... — United Income, a financial planning advisory service, just released an important study called, “The Retirement Solution Hiding In Plain Sight.” Using government data and proprietary software, it calculates how much money retirees have lost, and are losing, by making mistakes about when to start claiming Social Security benefits. United Income’s answer: a whopping $3.4 trillion or $111,000 per household!
That’s enough to move half of the oldest Americans now in poverty out of that terrible state. Put another way, according to United Income, the average Social Security recipient would get 9% more income in retirement by making the “financially optimal” decision about when to claim benefits.
Increasing Your Social Security Benefit By 177%
According to United Income, someone who’d get a $725 monthly Social Security benefit by starting to claim at 62 (the earliest age) would see a benefit increase to $1,280 by delaying to age 70 — an increase of 177%.
via Next Avenue.
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***We speak on this issue in our new education initiative, Delay & Gain.***
Our goal is to help near-retirees make informed, financially sound choices through an understanding of the increased Social Security benefits gained by a delay in filing their claim.
*Read more about it here.*

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President Roosevelt’s vision has most certainly endured. Today, Social Security provides some 61 million Americans and their families with basic financial security upon retirement or disability. For older Americans, Social Security can mean the... — President Roosevelt’s vision has most certainly endured. Today, Social Security provides some 61 million Americans and their families with basic financial security upon retirement or disability. For older Americans, Social Security can mean the difference between financial well-being and poverty. Two out of three seniors rely on Social Security for most of their income, and one-third of seniors depend on it for at least 90% of their income. Public polling consistently shows that Social Security enjoys overwhelming support from majorities of Americans across party lines.
Over the years, Social Security has been modified (with bipartisan support) to expand benefits and keep the system financially sound. This year, Social Security has come under new threat from budget hawks in the Trump administration and on Capitol Hill. But as generations of Roosevelts have
shown us, Social Security is worth fighting for. On this, Social Security’s 82^nd anniversary, we at the National Committee recommit ourselves to preserving this landmark program for current and future generations of Americans.
**Read more from our blog post here marking this anniversary by clicking here.**

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“It’s tempting for some to retire early and start taking social security benefits at age 62, but if you can wait, that is the smart move. The average Social Security benefit in Kentucky is roughly $16,000 per year. Even with Social Security, some 13%... — It’s tempting for some to retire early and start taking social security benefits at age 62, but if you can wait, that is the smart move. The average Social Security benefit in Kentucky is roughly $16,000 per year. Even with Social Security, some 13% of Kentucky seniors live in poverty.
A lot of people say they plan to retire early simply because they are “sick and tired of working.” If they retire too soon, they might be even more sick and tired of not having enough money in old age.
You can increase the size of your future Social Security checks by delaying retirement. If you wait until you’re 66 to start taking your benefit, you can receive up to 44% more. And your cost of living increases going forward will be based on the higher amount. Life expectancy is much longer now than it was in 1935 when social security was created. Seniors of today must survive on their fixed incomes even longer.
via WDRB.
**Related Reading:**
Fox 41 General Manager Bill Lamb echoes National Committee “Delay and Gain” project in on-air editorial: “It’s tempting for some to retire early and start taking social security benefits at age 62, but if you can wait, that is the smart move.”
**You can learn more about our education initiative, Delay & Gain, by clicking here.**

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“Almost all American retirees claim Social Security at the wrong time, a new report estimates, which means they will miss out on a collective $3.4 trillion in benefits before they die.
While they can tap their benefits as early as age 62, retirees... — Almost all American retirees claim Social Security at the wrong time, a new report estimates, which means they will miss out on a collective $3.4 trillion in benefits before they die.
While they can tap their benefits as early as age 62, retirees could boost the size of their checks for every year they wait until age 70, when the maximum benefit accrues. The advantage in waiting is substantial: A person eligible for a $725 monthly check at 62 could get a $1,280 check if they wait to start at age 70.
United Income, a money management firm that provides financial advice to retirees, teamed up with former Social Security officials to simulate retiree decisions on when to claim benefits, along with factors that include income, wealth, taxes, health status and longevity. Their analysis, published Friday, found that 96% of retirees choose the wrong year to tap Social Security.
“People are pretty much doing the opposite of what they should be doing,” said Matt Fellowes, founder and chief executive officer of United Income and co-author of the paper.
via Bloomberg.
**Related Reading:**
**We talk about this issue in our new education initiative, Delay & Gain, which can be found by clicking here.**
You can also learn more about it in the video below:

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“After wading through a stack of scholarly studies about older Americans and debt, my read is that the researchers are plenty worried.
They’ve found that owing money is pushing people in their 60s and beyond to delay retirement, postpone filing for... — After wading through a stack of scholarly studies about older Americans and debt, my read is that the researchers are plenty worried.
They’ve found that owing money is pushing people in their 60s and beyond to delay retirement, postpone filing for Social Security (so their eventual benefits will be higher) and add stress to their lives.
Ohio State University’s Donald Haurin, Cäzilla Loibl and Stephanie Moulton just released an especially fascinating paper on the relationship between debt and financial stress for older Americans. In it, they described what they found to be a hierarchy of debt, stress-wise.
Credit card debt, they noted, is the most stressful type, with the strongest impact on older adults’ working longer and delaying filing for Social Security. Stress resulting from a $1 increase in credit card debt, they said, is the equivalent of stress due to a $14 to $20 increase in mortgage debt.
via Forbes.
**Related Reading:**
**Our education initiative, Delay & Gain, helps you with one of the most important decisions you’ll ever make: retirement.**
Delayed claiming past the early retirement age of 62 results in bigger monthly benefit checks for life. Waiting until after the current full retirement age of 66 yields even greater gains — up to 44% more than early claiming.

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NCPSSM — New Jerseyans should delay retirement, group says....

See, that’s what the app is perfect for.