When to Take Social Security: Questions to Consider

/PRNewswire/ -- Monthly benefits will be higher for the rest of your life and you can get as much as a 76% boost in monthly retirement benefits if you delay claiming Social Security benefits, according to a new National Academy of Social Insurance (NASI) brief released today. "When to Take Social Security Benefits" asks (and answers) questions that people should consider while deciding when to claim Social Security benefits.

"When to stop working and when to take Social Security are two of the most important financial decisions that people make," said Virginia Reno, co-author of the brief and Vice President for Income Security and the National Academy of Social Insurance. "Conventional wisdom often favors taking Social Security at the earliest opportunity. Yet waiting to claim benefits can bring the greatest financial security to a retiree over the long-term."

The brief addresses the following questions:

Q: How much difference does it make to wait?

A: Your benefit will be about 76 percent greater if you wait until age 70 to claim Social Security than if you had claimed benefits at age 62.

Q: What should I consider in deciding when to take Social Security?
A: Consider that:
-- Social Security is one of the few sources of retirement income that is
guaranteed to last for as long as you live;
-- Social Security is automatically adjusted to keep up with the cost of
living; and
-- Social Security does not put individual recipients at risk of
volatility in stock market returns.

Q: Is there a risk in waiting? Will Social Security still be there?

A: There is no risk in waiting. Social Security's finances are much stronger than many people fear. Small changes will ensure that benefits will be paid on time for the next 75 years and beyond.

Social Security is the safest and most secure source of retirement income most people have and it grows more important at older ages. According to the brief, nearly six in ten elders get half or more of their income from Social Security. "An important principle in deciding when to take benefits is to avoid unnecessary financial hardship caused by reducing the secure income one has available in the final years of one's life," said Janice Gregory, President of the National Academy of Social Insurance. "Delaying receipt of Social Security benefits recognizes the value of Social Security as insurance against the common financial risks retirees face."

To download the brief, visit the NASI website at www.nasi.org. Financial support was provided by The Actuarial Foundation in Schaumburg, Illinois.

The National Academy of Social Insurance (NASI) is a non-profit, nonpartisan organization made up of the nation's leading experts on social insurance. Its mission is to promote understanding of how social insurance contributes to economic security and a vibrant economy.

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Older Adults Want Robots that Do More than Vacuum, Researchers Find

Researchers at Georgia Tech have discovered that, contrary to previous assumptions, older adults are more amenable than younger ones to having a robot “perform critical monitoring tasks that would require little interaction between the robot and the human. The findings will be presented at the upcoming HFES 53rd Annual Meeting, Grand Hyatt, San Antonio, Texas on Thursday, October 22.

Despite manufacturers’ increased development of in-home robots, it’s unclear how much interaction people would be willing to have with them. Robots can perform routine tasks such as cleaning, the Roomba vacuum cleaner being the best-known example. Studies have found that individuals think of robots as advanced appliances, but there is not much research on why this is so. Robots could perform more critical tasks, such as reminding a person to take medications, teaching a new skill, providing security and reducing social isolation.

To gauge how willing people might be to have a robot perform these kinds of more interactive tasks, Neta Ezer (now at Futron Corporation), Arthur D. Fisk and Wendy A. Rogers sent a questionnaire to 2,500 Atlanta-area adults ages 18 to 86 and received 177 responses. One of their questions addressed respondents’ level of experience with technology and robots that do things like mow, clean, guard and entertain. Older adults (ages 65 to 86) had significantly less experience with technology than younger ones (18 to 28), but younger adults had only slightly more experience with robots currently on the market.

When asked about their willingness to have robots perform 15 tasks in the home (categorized as entertainment, service, educational and general health/self-care), respondents of all ages preferred that robots stick to noninteractive tasks (such as “Help me with housework” or “Bring me things I need from another room in my home") rather than interactive ones (for example, “Have a conversation with me” or “Help motivate me to exercise"). Infrequent critical tasks, such as “Warn me about a danger in my home” or “Inform my doctor if I have a medical emergency,” were seen by more older adults than younger ones as important for robots to perform.

Both younger and older respondents reported positive attitudes toward a robot in their homes. They thought a robot would be useful, but were less confident that it would be easy to use. Given a choice between receiving care from a robot in their homes and moving to a care facility in the event of illness or injury, 67 percent of younger adults and 77 percent of older adults chose the former option. (This finding is not reported in the paper to be presented in October.)

The researchers say their results “suggest that both younger and older individuals are more interested in the benefits that a robot can provide than in their interactive abilities.” Furthermore, the results discredit the stereotype that older adults would be less willing than younger ones to accept new technology such as a robot in their home. Manufacturers: Take note.

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