In the Media

Ray R. Harris, a registered Social Security analyst and the founder of Social Security Claiming Experts, told ThinkAdvisor that while the depletion date projection remains the same, it was important to note the report also shows the long-term financing challenge has grown, as the 75-year actuarial deficit has increased from 3.82% to 4.42% of taxable payroll. "Consumers should not interpret this report as a reason to rush into claiming Social Security benefits early," he said. "For many retirees, claiming at age 62 can permanently reduce benefits by roughly 30%, which is a far greater reduction than the projected shortfall discussed in the Trustees Report." As someone who works directly with individuals making claiming decisions, Harris said he finds that people are often more concerned about whether Social Security will exist than whether they are maximizing the benefits available to them. "For many households, a claiming mistake can have a larger financial impact than the long-term funding issues highlighted in the report," he said.