You could Lose $110,000 by Collecting Social Security Income Too Early

A recent white paper co-authored by a former chief economist at the Social Security Administration (SSA) and a former research director at Social Security among others, estimates that the average household leaves a potential $110,000 by collecting Social Security too early. The report is published by tech-driven wealth management firm United Income. The challenge of planning for retirement is how to convert years of saving into a reliable stream of income that can last for 25 or more years. The confusion begins with the eight-year window between the ages of 62 and 70 when someone can choose to start payouts. The allure of finally getting money out of the system you’ve paid into for decades is too tempting to stay away from and so people start way too early and loose a huge sum of their money.