90% of Americans will file too early for Social Security

Americans can file for Social Security from age 62 to age 70. The normal retirement age for Social Security depends on when you were born, but for those born from 1960 on, that age is 67. The longer you wait, the more your payments will be.

While the decision of when to file is up to you, many studies have found that those that file early do so out of a crisis of confidence. 44% of respondents worried that Social Security will collapse and stop making payments. 36% said they needed the money, 13% said someone advised them to do it and 34% simply said the money was theirs and they wanted it back as soon as possible.

With traditional pension plans being offered by very few employers, Social Security is one form of annuitized benefit payment that Americans can utilize. When factoring in your retirement picture, don't take the decision to file lightly. Evaluate your current income, job prospects, retirement savings, and lifestyle choices before making that decision.