More Americans Plan to Delay Social Security Due to COVID-19

When the COVID-19 outbreak initially hit the United States, most of us could not have imagined what a dramatic economic impact it would have. But with millions of Americans losing their jobs and countless older workers feeling financially insecure, the pandemic may be causing a shift in the way Social Security recipients claim their benefits.

An estimated 20% of Americans are now planning to delay Social Security, according to SimplyWise's July 2020 Retirement Confidence Index. And among those who have lost a job or been furloughed during the COVID-19 crisis, that percentage climbs to 30%. But while delaying Social Security may not be ideal, it's a smart move that could help a lot of people overcome the financial setbacks the pandemic may have caused them.

The downside of holding off on claiming Social Security is clear: You have to wait longer to collect the benefits that are rightfully yours. But waiting to file could help boost your retirement income in a very meaningful way -- for life.

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Source Fool.com