GREENSBORO, N.C. — It's a big decision, when do you retire, and when to start claiming social security. Apparently, most people are losing money.
A recent study by investment firm United Income shows just 4% of retirees claim social security at the best financial time.
The remaining 96% are losing out on more than $3 trillion dollars.
For some perspective, that's about $111,000 dollars per household.
When you choose to start drawing depends on several factors, like your health. but researchers estimate the elderly poverty rate could be cut by half if all retirees claimed social security at an optimal time.
They're also pushing for lawmakers to change the wording.
They want to call the early eligibility age of 62 a "minimum benefit age" instead.