87% of Americans worried about post-retirement finances; many plan early Social Security withdrawals: Survey

Social Security: A recent survey shows that 87% of Americans worry about post-retirement income, and 45% plan to claim Social Security before age 67. 87% of Americans worried about post-retirement finances, many plan early Social Security withdrawals: Survey (Representative image/Pixabay) Social Security: Concerns about earned income post-retirement. At least 87% of Americans are already worked up about their plans once they retire, according to a study conducted by Schroders. There are different issues that bother the participants of the survey; however, they directly link to their earnings, spending and savings after retirement. According to a CBS report, the survey, published on October 21, reveals that most Americans are not willing to wait until they turn 70 to receive Social Security income. Nearly 45% of non-retirees are willing to take Social Security benefits before they reach age 67. What is Social Security Income, and how does it benefit retirees? Social Security is a special financial program in the US established to help senior citizens, the disabled and survivors. It is administered by the Social Security Administration (SSA). Although it helps a wide variety of financially dependent categories, it is mostly referred to as a post-retirement insurance plan, which helps senior retired citizens to get a fixed amount of income every month, like their salaries, as per Investopedia. Retired individuals can use this income benefit if they have earned at least 40 work credits, with a maximum of four credits per year. The income is deducted from their payroll for employed individuals, or through taxes for business persons. While one can begin earning Social Security income as soon as they turn 62 and meet the credit requirements, it is beneficial to wait until full retirement age to receive maximum benefits. Why are Americans worried? While many Americans want to use Social Security benefits before reaching full retirement age, their concerns are different. According to the survey, 36% of respondents believe that if they wait, the funds may dry up or the government may stop paying such benefits altogether. Another 34 percent want to treat Social Security income as an additional income apart from salaries. Meanwhile, 15% want it early if advised to do so. That leaves only 10% of respondents waiting until they reach 70 to take advantage of Social Security benefits. Deb Boyden, an expert at Schroders, believes that Social Security income is an important financial source for many. Additionally, solvency reports make Americans anxious about their financial future. Frequently asked questions 1. What did the Schroders survey reveal? It found that 87% of Americans worry about income after retirement. 2. When do most people plan to claim Social Security? About 45% plan to start benefits before age 67, rather than waiting until full retirement age. 3. What is Social Security Income? It is a federal program that provides monthly payments to retirees, disabled individuals and survivors. For retirees, it is valid based on earned work credits.