Survey: Early Social Security Takers Cite Immediate, Basic Needs

In a new survey, Fidelity Investments reports that nearly half (45 percent) of Americans age 61 today are planning to begin taking Social Security at the age of 62, the first year that eligible recipients can apply. The top reasons driving their decision to collect early are immediate financial needs and health and longevity concerns.

Of those who plan to begin drawing down at age 62, more than three quarters (77 percent) will use the funds to pay for basic living expenses, such as food, utility costs, and mortgages. This group expects their Social Security payments to comprise as much as half (49 percent) of their total retirement income, yet when asked to quantify their Social Security payments, only 22 percent knew exactly how much their check will be.

Nearly three quarters (73 percent) of those planning to start taking Social Security at age 62 are also making their decision without having a formal retirement income plan, according to the survey.

Download Center

HTML - No Current Item Deck
  • Free Safety Management Software Demo

    IndustrySafe Safety Management Software helps organizations to improve safety by providing a comprehensive toolset of software modules to help businesses identify trouble spots; reduce claims, lost days, OSHA fines; and more.

  • Easy to Use Safety Incident App

    Record incidents on the go with IndustrySafe’s mobile app. Collect data for multiple types of incidents including including near misses, vehicle and environmental incidents, and employee and non-employee injuries; at job sites and remote locations—with or without web access.

  • Safety Training 101

    When it comes to safety training, no matter the industry, there are always questions regarding requirements and certifications. IndustrySafe is here to help. We put together a resource that’s easy to digest so you can get answers to your training questions and ensure you're complying with OSHA's standards.

  • Conduct EHS Inspections and Audits

    Record and manage your organization’s inspection data with IndustrySafe’s Inspections module. IndustrySafe’s pre-built forms and checklists may be used as is, or can be customized to better suit the needs of your organization.

  • Track Key Safety Performance Indicators

    IndustrySafe’s Dashboard Module allows organizations to easily track safety KPIs and metrics. Gain increased visibility into your business’ operations and safety data.

  • Industry Safe
comments powered by Disqus