Personal Finance
What Social Security Isn’t Telling You About Your Money
The agency isn’t doing the best job of communicating crucial information, the GAO finds. Like how much do you gain by delaying your claim?
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Americans getting ready to claim their Social Security benefits may not be getting crucial information they need to make the best decisions for their retirement, according to a new study by the Government Accountability Office. That could mean tens of thousands of lost dollars.
Many people are in dire need of any extra bit of retirement money they can get. The report notes that for those age 65 and older, Social Security benefits made up an average of 52 percent of household income in 2013. It made up at least half of income for 62 percent of retirees 70 and over. For almost a quarter of these older retirees, it made up at least 90 percent of household income.