Category: Info for consumers

Before you claim Social Security, explore our new Planning for Retirement tool

There is a good chance that you or someone you know may benefit from our new “Planning for Retirement” tool, which we created to help consumers approaching retirement make an informed decision about when to claim their Social Security benefits.

Here are three reasons why you should check out “Planning for Retirement”.

1. See how the age at which you claim affects your Social Security retirement benefits

Over one-third of consumers claim their benefits at age 62, but your monthly payments can increase by as much as 75% if you wait and claim at age 70 instead of 62.

See your estimated benefits on an interactive graph and find out how to increase them.

If your expected monthly benefit at age 62 is $750, your expected monthly benefit at age 70 is $1320. Source: Social Security Administration

2. Make a better decision with information relevant to your situation

Everyone’s situation is different. Whether you’re married, planning on working in your 60s, or whether you have retirement savings can influence your decision of when to begin claiming your Social Security benefits. After using “Planning for Retirement,” we hope you’ll be able to make a more informed decision based on your situation.

3. Start the conversation about retirement and take action

Whether you find it easy or difficult to talk about money with your family, we provide a tool that can help you begin this conversation and think about the factors that matter when making this decision. It also shows simple action steps that will help you in your retirement planning journey.

Ready to get started? Check out “Planning for Retirement” today: www.consumerfinance.gov/retirement

And if you enjoy it, please share it!

For more about the importance of Social Security’s claiming age for your financial security, see our issue brief.

The Retirement Tool is also available in Spanish

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