|VIDEO: Jean Setzfand from AARP discusses the importance of understanding |
the implications of claiming Social Security.
Those strategies and other findings from the research were outlined during a media briefing in Washington, D.C., on Nov. 19. At the event, a panel of retirement industry experts from WISER (Women's Institute for a Secure Retirement), AARP, the Center for Retirement Research at Boston College and Prudential noted that limited understanding of the Social Security program is preventing people from maximizing their benefits.
“More than 70 percent of retirees elect to start receiving reduced Social Security benefits prior to their full retirement age,” said George Castineiras, vice president of Total Retirement Solutions for Prudential Retirement. The strategies outlined in the paper are designed to help individuals evaluate their available choices, eliminate costly mistakes and choose a claiming strategy that best suits their financial needs.
“This research highlights the advantages for women of taking spousal benefits and delaying individual benefits to maximize lifetime Social Security income,” says M. Cindy Hounsell, president, Women’s Institute for a Secure Retirement. “Of real value are the practical strategies available for divorced spouses, widows and widowers, as well as the important tax considerations regarding when to take IRA withdrawals and when to claim Social Security benefits."
Want to learn more about the paper’s findings? Read “Innovative Strategies to Help Maximize Social Security Benefits” and watch this short video summarizing one way to help maximize Social Security benefits. Want to talk to someone about the white paper? Email Dawn Kelly.