Taking into account age, gender, years of employment, income, and average life expectancy, the MetLife Social Security Decision Tool calculates the financial impact of starting Social Security at different ages, according to a press release. F or example, a 50-year old woman who made $50,000 in her last full year of work could benefit significantly by waiting until age 66 to begin taking benefits, Fidelity said.
“For two-thirds of older Americans, Social Security represents 50% or more of their income, and often serves as the foundation of their overall retirement strategy, “ said Beth Hirschhorn, MetLife ‘ s senior vice president, Global Brand and Marketing Services, in the release. “ Unfortunately, a significant percentage of Americans are not maximizing their lifetime income Social Security benefit or making the most of what they have for retirement – due, in part, to a lack of understanding about their average life expectancy. “
Since MetLife began piloting the new Social Security Decision Tool on its Web site, more than 20,000 individuals have visited the tool ‘ s Web page, the company said. More information is at http://www.metlife.com/SocialSecurity .
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