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HomeUS NewsYou may have to claim Social Security earlier than expected. Here's why

You may have to claim Social Security earlier than expected. Here’s why

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Determining what age to begin claiming Social Security benefits is one of the biggest retirement decisions you’ll make, and it will have a significant impact on the size of your monthly checks.

However, there is a chance that you may not have the luxury of choosing your retirement age. Many workers are at risk of being forced to claim Social Security early — whether they want to or not. Here’s why.

More adults are working in retirement

Around 58% of U.S. workers expect to continue working either full-time or part-time in retirement, according to a 2022 report from the Transamerica Center for Retirement Studies.

Two people sitting at a table and looking at paperwork.

Of those who plan to continue working, 75% say that they’re doing so for financial reasons. Nearly half of respondents say they want the extra income, and around 28% say they need to continue working because they don’t have enough money saved to retire.

Social Security benefits set to rise:Inflation adjustment to boost benefits by 8.7% in 2023, biggest since 1981

Story Credit: usatoday.com

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