Many retirees have an idea of what age they want to start claiming Social Security. George C., now 77, started claiming his at 65. He’s a retired worker who thought he’d cracked the code to a happy retirement when he filed for Social Security at 65, but he regrets his decision.
Check Out: I’m Retired and Regret Claiming Social Security at 70 — Here’s Why
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His insights might help you rethink your retirement plans.
Reduced Benefits
“I wish I had waited until the full retirement age (FRA) … to get bigger checks,” George said.
The extra money would have made a huge difference, especially with the rising cost of healthcare and everyday items. “At the time, I just wanted to enjoy the fruits of my labor,” he said.
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Life Expectancy Considerations
At 65, George thought he had a few years left. He underestimated his life expectancy based on his family history and health. But now, at 77 and still in good health, he’s found that his Social Security benefits don’t stretch as far as he wants.
“I didn’t think I could live this long,” George said. He’s now facing a harsh reality, as he thinks he will likely live way longer. He feels that if he happens to live another 10 or 15 years, the small Social Security checks won’t cover all his needs.
The Effects on a Spouse
When George filed for Social Security, he didn’t think about how the decision would impact his wife in case he passed away. She’s a non-working spouse, so her benefits are tied to George’s. Therefore, claiming the benefits early reduces the survivor benefits she would get.
“Now, if something happens to me, she’ll get a smaller monthly check for life,” he said.
Lifestyle Change
George didn’t think his lifestyle would change in retirement. He had planned a simple retirement — tending to his small garden, fishing on weekends and taking occasional trips to places they always wanted to visit. But after retirement, he realized he wanted to explore new hobbies and travel more with his wife.
“I thought I’d live a simple life in retirement, but my lifestyle has changed and requires more money than I thought,” he said.
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This article originally appeared on GOBankingRates.com: I’m Retired and Regret Claiming Social Security at 65 — Here’s Why
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