Mike MilliganFounder and CEO, 1.oak Financial · Founder and CEO, 1.oak Financial

The Retirement Epidemic: Why 90% of Americans Get Social Security Wrong

9 Apr 2026 · 1 min

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In this concise monologue, Mike Milligan cites a National Bureau of Economic Research (NBER) study showing that only 10.2% of Americans claim Social Security at the optimal time, meaning roughly 90% make a sub‑optimal decision. He explains the financial consequences: claiming at age 62 instead of the full retirement age can cut lifetime benefits by up to 30%, while each year of delayed claiming past full retirement age (up to age 70) boosts benefits by about 8%. Milligan emphasizes that the “optimal” claiming age is not universal; it should be tailored to an individual’s life expectancy, prompting viewers to assess their own longevity and make a personalized claim strategy.

Chapters

The National Bureau of Economic Research found that only 10.2% of Americans claim Social Security at the optimal time. Let me say that again. Roughly 90% get it wrong. And the cost? If you claimed at 62 instead of your full retirement age, your benefit is reduced by as much as 30% for life. That's not a little haircut, folks. That's a third of your income gone every single month for the rest of your life. And for every year you wait past full retirement age up to age 70, your benefit grows by 8%. Now, optimal Social Security claiming doesn't mean that everybody claims at the same time. We take a look at what your life expectancy is and then make a decision on what's right for you.