One of the most common pieces of advice people hear from their financial advisors is to put off claiming Social Security benefits as long as possible. Put simply, the longer you wait, the higher the dollar figure on the Social Security check that will arrive in your mailbox. If you were born after 1943 and you delay retirement after your "full retirement age" of 66, your annual rate of benefit will continue to increase by 8 percent, according to the Social Security Administration. Conversely, drawing Social Security early, from age 62 through the full retirement age of 65 to 67, depending on the year you were born, will result in reduced benefits. It may seem like a no-brainer to wait, but not all retirees have that choice.
The recent Nationwide Retirement Institute Consumer Social Security Study (click here to download), conducted this June, revealed a dozen of the most common reasons American retirees need to draw Social Security benefits early. The poll queried both recent retirees and those retired for a decade or more, referred to as "10+ retirees." (Sample of all U.S. respondents aged 50+ were weighted to the U.S. population of adults aged 50+ by age-gender, race/ethnicity, education, region, household income and retired status.) CNBC.com shares the study results in the following slides.
By CNBC's Kenneth Kiesnoski
Posted 6 July 2015