Retirement Starts Today Don't Let Your Brain Shrink Your Retirement Benefits
Aug 25, 2025
Discover the sneaky pitfalls of underestimating your life expectancy and how it can impact your retirement benefits. Explore why many retirees mistakenly claim Social Security early due to cognitive biases. Learn safe planning strategies for longer lives and practical steps to secure your income. Find out how to apply for Social Security and avoid common pitfalls, especially for widows claiming survivor benefits. Plus, insights on how spousal benefits interact to ensure you get the most out of your retirement.
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Most People Underestimate Their Longevity
- People often claim Social Security at 62 because they underestimate their lifespan and prefer immediate benefits.
- Data shows average mortality often exceeds the Social Security break-even, so waiting usually pays off.
Six Biases That Shrink Retirement Thinking
- Six cognitive biases skew longevity expectations and push people to claim early.
- Biases include availability, optimism/pessimism, present bias, anchoring, status quo, and death avoidance.
Plan For Longevity, Not Averages
- Plan as if you'll live a long time and build flexible income that lasts across decades.
- Use guardrails, keep equity exposure, optimize Social Security, and plan for a surviving spouse.