Tens of millions of people rely on Social Security in order to get the income they need to pay their living expenses in retirement. For many, the chance to collect Social Security benefits can't come soon enough, especially for those who've been forced into early retirement and are struggling to make ends meet.
Social Security gives workers the option to take benefits anytime between age 62 and 70, and it offers some incentives to those who are willing to wait. While those who claim benefits earlier than their official full retirement age will have to accept smaller monthly benefit payments, those who wait beyond their full retirement age can get additional money above and beyond what they'd normally get.
Yet despite the prospects of getting larger payments from Social Security, 62 is still by far the most popular age for people to claim their Social Security, according to the government's most recent data.
Fully 57 percent of Social Security recipients take their benefits before reaching full retirement age. That compares to just 10 percent waiting beyond full retirement age. A substantial portion of those who claim at full retirement age — currently between 66 and 67 for those approaching retirement age today — already were receiving disability benefits that automatically convert to retirement benefits at that point.
Waiting eight years to claim Social Security at 70 instead of 62 can boost your monthly payments by more than 75 percent — but at the cost of missing out on those eight years' worth of benefits. Most retirees either can't afford to wait or don't think the trade-off is worth it, despite some of the advantages of ensuring as large a reliable monthly benefit, which will adjust higher in line with the cost of living every year.
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Temperatures will continue to warm through the week, with slightly cooler temperatures for the weekend.
Five people were injured in a three-car crash in the Rolando area on Sunday after an apparent road-rage incident. It happened about 1:30 p.m. on University Avenue at College Avenue, according to the San Diego Fire-Rescue Department.
Another successful Comic-Con is in the books. The four-day pop culture convention came to an end Sunday, but even in its final hours was packed with things to see and do.
Vince Velasquez allowed two hits over seven innings and the Philadelphia Phillies beat the San Diego Padres 5-0 Sunday for a doubleheader split.
A man stole a brand-new luxury car out of a Kearny Mesa dealership's lot and led police on a lengthy chase down San Diego freeways on Sunday.
San Diego Comic-Con is in full swing and so is the superhero-themed fashion! Celebrities like Sarah Paulson, Sonequa Martin-Green and Camila Mendes, among many other stylish ladies, rocked a bevy of leather, nylon and pleather to attend the annual comic book convention.
Detectives are investigating the circumstances surrounding a man who died Saturday morning on a sidewalk in Old Town.
A suspected drunk driver was shot by sheriff's deputies after leading them on a pursuit across North County freeways Friday night, the San Diego County Sheriff's Department said.