Americans are losing out on thousands
A new study from Boston University and the Federal Reserve Bank of Atlanta found American retirees are losing out on $182,000 in lifetime benefits because of one mistake, CBS News reported.
While the Social Security Administration pays full benefits at the “full retirement age” (which is anywhere from 66 to 67 years old depending on when you were born), retirees can claim the benefits when they turn 62.
But by doing this, you will see an overall 30 percent decrease in monthly payments.
If you wait until 70, however, you will get a 32 percent boost in payments.
Only 6 percent of American workers wait until 70 to claim Social Security, so that means most Americans are missing about $182,000 in payments by claiming Social Security early, the study found.
