PLANSPONSOR - August/September 2020 - 38
WELLNESS STRATEGIES
Social Security Demystified
Why so many Americans file too early, and how employers can help
D
ue to COVID-19, more Americans
may be on the verge of retiring
early and taking Social Security
before it is in their best interests.
" Even before the pandemic, the
trend was that more than half of retired
workers said they retired earlier than
they had planned, and their reasons
were fairly evenly split between employment
issues and health- or family-related
matters, " says Catherine Collinson, CEO
and president of nonprofit Transamerica
Center for Retirement Studies (TCRS) in
Los Angeles. " Now, with the pandemic
and the recession, it's a double whammy:
It's both health-related and employmentrelated.
So, unfortunately, we should
expect that trend to be exacerbated. "
Americans most often start taking
Social Security benefits at age 62, the
earliest possible timing, TCRS research
indicates. And its research finds that,
among people who expect Social Security
to be their main source of retirement
income, only 24% say they know a " great
deal " about how it works. Asked about
the implications of that knowledge gap,
Collinson says, " There's a tremendous
opportunity to help older workers understand
Social Security benefits. "
Taking Benefits Early
Forty-two percent of unretired Baby
Boomers plan to start drawing Social
Security benefits before their full retirement
age, and another 16% say they are
unsure about their timing, according to
The Nationwide Retirement Institute
Social Security Consumer Survey,
released in July. Among those who plan
to start drawing benefits early, 55% of
Boomers cite their need to retire earlier
than full retirement age as the main
reason. On average, Boomers expect Social
Security to cover 56% of their expenses in
38 PLANSPONSOR.COM August - September 2020
Art by Eric Jeon
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PLANSPONSOR - August/September 2020
Table of Contents for the Digital Edition of PLANSPONSOR - August/September 2020
2020 Plan Sponsor of the Year Winners
New Support for HR Teams
Social Security Demystified
An Unstable Time for Funding
Rethinking Fixed Income
Winning Ways in the Pandemic
PLANSPONSOR - August/September 2020 - Cover1
PLANSPONSOR - August/September 2020 - Cover2
PLANSPONSOR - August/September 2020 - 1
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PLANSPONSOR - August/September 2020 - 2020 Plan Sponsor of the Year Winners
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PLANSPONSOR - August/September 2020 - 34
PLANSPONSOR - August/September 2020 - 35
PLANSPONSOR - August/September 2020 - New Support for HR Teams
PLANSPONSOR - August/September 2020 - 37
PLANSPONSOR - August/September 2020 - Social Security Demystified
PLANSPONSOR - August/September 2020 - 39
PLANSPONSOR - August/September 2020 - An Unstable Time for Funding
PLANSPONSOR - August/September 2020 - 41
PLANSPONSOR - August/September 2020 - Rethinking Fixed Income
PLANSPONSOR - August/September 2020 - 43
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PLANSPONSOR - August/September 2020 - Winning Ways in the Pandemic
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PLANSPONSOR - August/September 2020 - Cover4
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