"No Regrets": Qualitative Evidence on Early Claiming of Social Security Retirement

We conducted focus groups (n = 68) to explore how older Americans feel about their past Social Security claiming decisions. Like most older Americans, our focus group participants claimed Social Security early: about 45% claimed Social Security at age 62, and about 65% claimed before Full Retirement Age (ages 65-66). We might expect that older adults may regret early claiming, since this can result in lower financial security in later life. Respondents reported satisfaction with their decisions to claim relatively early. Most noted that they “made the right decision given their circumstances at the time.” Reasons for the decision included liquidity constraints and longevity concerns. People reported that were circumstances different they would have chosen to claim later. We also found evidence that having more information and being better prepared at the time of claiming increased satisfaction levels.