"Following the herd about misconceptions and fear-mongering about Social Security 'running out of money' creates fear that people will lose their Social Security benefit, so a lot of people elect to receive Social Security early at 62," Bankrate.com reported comments from Nick Strain, senior wealth advisor at Halbert Hargrove, a California-based financial advisor. Given that approximately 25% of Americans claim Social Security at age 62 and nearly half before age 70, many people are missing out on greater retirement income.
"Know that it's a good thing to lose money to the earnings test because for every dollar you lose to the earnings test, you get about about roughly $1.20 back in benefits," CBS reported Boston University economist Laurence Kotlikoff's comments on the subject in November 2023. "But people aren't being told that, so they mistakenly think that going back to work just makes no sense because all they're doing is working for the government."
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