Since Social Security is a major source of retirement income for many retirees, the lack of information and misinformation can be very costly. Most Americans believe their Social Security retirement benefits will be enough to live on, according to a recent survey by Zety.com. That’s because they’re spending down other assets and Social Security is indexed for inflation, increasing in amount each year. As I point out in my book, “Where’s My Money: Secrets to Getting the Most out of Your Social Security,” for many people a nest egg will last longer if Social Security benefits are delayed, even if it means spending other assets first. The lifetime guarantee and inflation indexing of Social Security benefits is very powerful over time.

Source: Forbes July 19, 2021 11:15 UTC