Most Americans Lose $180,000 in Social Security Benefits Due to Key Mistake: Study

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A new study revealed that most Americans should wait until they’re age 70 or older before they start claiming Social Security benefits or they might miss out on thousands of dollars.

A study (pdf) from the National Bureau of Economic Research found that when Social Security beneficiaries claim their benefits too early, they miss out on receiving more than $180,000 overall. People are eligible to receive their Social Security benefits starting at age 62, although the study’s authors say that many should wait until they’re 65 or even 70.

“We find that virtually all American workers age 45 to 62 should wait beyond age 65 to collect,” it said. “More than 90 percent should wait till age 70. Only 10.2 percent appear to do so. The median loss for this age group in the present value of household lifetime discretionary spending is $182,370.”

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