Willing to postpone Social Security

Americans workers may begin receiving Social Security retirement benefits at age 62, albeit with a 25% reduction from the benefit otherwise available at the program's normal retirement age. Only 26.9% of Americans at least age 62 that had not begun to receive retirement benefits at the beginning of 2011 started those benefits during 2011, this is the lowest percentage to do so since 1976 (source: Social Security)

MetLife Study Finds Contrary to Predictions, Boomers Are Retiring” 

http://www.insurancenewsnet.com/article.aspx?id=337256&type=lifehealth 

Despite the popular belief that Baby Boomers will continue to work well past the traditional retirement age of 65, those born in 1946 are retiring in droves, according to Transitioning into Retirement: The MetLife Study of Baby Boomers at 65.

First Boomers turning 65:

1. 59% are at least partially retired

2. 45% are completely retired

3. 14% retired, but working part-time

4. 63% are already collecting Social Security, and on average have been doing so since age 63.

5. 60% are confident that Social Security will provide adequate benefits for their lifetime

Of those retired…

 51% said they retired earlier than expected and four in ten said they did so for health reasons.

Of those working…

37% say they’ll retire in the next year

We keep hearing the Boomers will work longer than expected – long-term that may be true – but the first Boomers are retiring and will need income to meet their needs.

63% of them are already taking Social Security at a much lower payout than if they had waited longer - what if they had an income stream from an alternate income source to augment  Social Security payments?