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Early Social Security hurting retirees

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(MGN photo)(WILX)
Published: Jun. 28, 2019 at 2:13 PM EDT
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Many retirees are short-changing themselves in deciding when to start taking their Social Security benefits.

That's according to a new study by "United Income", an online investment management firm.

It says only 4% of retirees start claiming benefits at the optimal time.

That's costing households, on average, about $111,000.00 dollars over time.

Americans can start taking social security benefits at 62, and most do by the time they turn 63, even though the benefits increase for each year a recipient waits to take them, up to age 70.

There's no one "optimal time" for retirees to start taking Social Security benefits, but the study researchers say 92% of retirees would benefit by waiting until at least 65.

Copyright 2019 NBC News. All rights reserved.

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