Adviser Urges Americans Not to Claim Social Security Early

what happened

Benzinga, citing an opinion article published in Fortune on Sunday, reports that Social Security adviser Ray R. Harris, MBA, RSSA, urged Americans not to claim retirement benefits early solely because they fear the program could run short of funds. The founder and president of Social Security Claiming Experts said filing decisions should reflect each person’s financial circumstances rather than possible action by Congress.

Social Security’s trustees project that the reserves of Old-Age and Survivors Insurance will be depleted in the fourth quarter of 2032 under current law. After that point, continuing income would cover about 78% of scheduled benefits. Harris said the depletion of reserves would not mean the program disappears, but warned that claiming early could create an immediate, permanent reduction instead of shielding retirees from a possible future cut.

Under the current formula, a person claiming at 62 rather than at the full retirement age of 67 receives 70% of the full-retirement-age benefit. Delaying the claim until 70 raises the benefit to 124%. Harris does not recommend that everyone wait until 70; he advises comparing claims at 62, full retirement age and 70 while considering savings withdrawals, life expectancy and survivor benefits.

why it matters

The debate highlights how potential changes to Social Security payments may affect household retirement decisions and broader expectations about the sustainability of U.S. public finances.