WASHINGTON, DC—The National Academy of Social Insurance (NASI) announced the launch of a targeted public education project on when to claim Social Security, funded by the Alfred P. Sloan Foundation and the Retirement Research Foundation. The project aims to educate middle- and lower-income older workers nearing retirement about the advantages of delaying claiming Social Security beyond age 62, when feasible, and to assure them it will still be there if they delay benefits.
“The advantages of waiting to claim Social Security are dramatic, but not widely understood,” said William Arnone, Chair of NASI’s Board of Directors and retired from his position in Employee Financial Education and Counseling at Ernst & Young LLP. “If you are able, waiting to claim until age 70 results in a 76% increase in benefits for the rest of your life over claiming benefits at 62. This project will help middle- and lower-income Americans understand how they can enhance their own long-term retirement security.”
As part of the initiative, NASI will produce a ‘train the trainers’ toolkit and materials in varied formats including a pamphlet, fact sheet, infographic and video. NASI will partner with community and direct-service organizations, including the National Urban League, the National Women’s Law Center, the National Council of La Raza, and the Center for Rural Strategies, to disseminate these materials and messages among working families in their communities.
NASI will also cultivate professionals and trusted advisors in the retirement and financial planning communities in order to refine the key messages of the project and to ensure those messages reach a broad audience.
Millions of middle- and lower-income workers are facing or soon will face the likelihood of having fewer resources than expected to carry them through a retirement that may last longer than expected. Many are unaware of the primary strategy to enhance their retirement security by delaying, if possible, the date when they start collecting Social Security benefits.
The National Academy of Social Insurance is a non-profit, nonpartisan organization made up of the nation’s leading experts on social insurance. Its mission is to advance solutions to challenges facing the nation by increasing public understanding of how social insurance contributes to economic security.