How Is COVID Affecting Social Security Claims?

Complications from COVID-19 are known to be more severe in older populations and observers have speculated whether COVID-19 will force or at least encourage older workers to retire as early as they can. Analysts believe the answer is ‘yes’.

For many years, financial advisors have been encouraging pre-retirees to wait as long after age 62 as possible before claiming Social Security benefits, in order to maximize the benefits and extend the wage-earning years. Beginning about the year 2000, a steady decline in the percent of 62 year olds claiming social security benefits began, and has since dropped by about half, from the 60% range to the 30% range.

During the Great Recession, though, the percentage of 62-year-olds claiming Social Security spiked from 42.2% in 2007 to 46.9% in 2009 before again dropping back to the downtrend. Analysts expect this pattern to repeat itself in the wake of COVID-19. In fact, preliminary data from the monthly Current Population Survey shows that an uptick in earliest-possible retirements and social security claims has already begun. (Chart from Center for Retirement Research, Boston College.)

We assist our clients in maximizing their lifetime benefits with Social Security. We do this by taking your current projected benefit statement and run it through our Social Security income analysis software. This report will provide you with the best solution in maximizing your benefits.

For a free Personalized Social Security Benefit Analysis to show how to maximize your lifetime benefits, give us a call at 877-340-1717 or email Greg at greg@womackadvisers.com. Know the right time to claim your benefits, and enjoy retirement worry-free.

For more information, visit our website: https://womackadvisers.com/resources/how-can-you-maximize-your-lifetime-benefits.

Best regards,

Womack Investment Advisers, Inc.

WOMACK INVESTMENT ADVISERS, INC.
Oklahoma / Main Office: 1366 E. 15th Street - Edmond, OK 73013
California Office: 4660 La Jolla Village Dr., Ste. 100 - San Diego, CA 92122
Phone (405) 340-1717 - Toll Free (877) 340-1717

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