Americans are notoriously bad savers. Large numbers are reaching old age too poor to finance retirements that could last longer than they worked. This coffeesode discusses a working paper by the National Bureau of Economic Research which examined the costs to American workers of not maximizing their lifetime Social Security benefits. Americans are leaving a disproportionate amount of lifetime discretionary spending on the table by not strategically planning their Social Security benefit collection. The discussion concludes that most Americans age 45-62 should wait until age 70 to collect Social Security benefits, a strategy that could significantly increase their lifetime spending, even for those with lower resources.

Reference-
David Altig, Laurence J. Kotlikoff, and Victor Yifan Ye.
How Much Lifetime Social Security Benefits Are Americans Leaving On the Table?, National Bureau of Economic Research Working Paper Series, November 2022, DO - 10.3386/w30675
https://www.nber.org/system/files/working_papers/w30675/w30675.pdf

DISCLAIMER: This podcast was generated fully or in parts using AI technologies such as synthetic voice generation. AI may still sometimes give inaccurate responses, so you may want to confirm any facts independently.

Ver todos los episodios