The Psychology Behind Claiming Social Security Too Early

Professor John Payne found that sense of ownership and loss aversion lead people to miss out on higher Social Security benefits

There is a social security puzzle in the U.S. The earliest age a U.S. citizen can claim their social security benefits is 62. The latest is 70. Claiming early means getting a smaller payout (about 70% of the check they would get at “full retirement age” of 66/67). Claiming at 70 translates into about 124% of the full… read more