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In this episode of Financial Decoder, host Mark Riepe examines one of the most critical retirement decisions: When should you take Social Security? When you claim too early, your benefits are reduced, and yet a large percentage of people claim at the earliest possible age. What’s driving this decision? Mark looks at three psychological phenomena that could impact the decision: loss aversion, present bias and reference points. Joining Mark in the discussion is Rob Williams, Vice President of Financial Planning, Income Planning and Wealth Management. Many of the rules and reports that Mark and Rob discuss can be found on the website of the Social Security Administration. The 2017 Annual Statistical Supplement to the Social Security Bulletin shows that 30% of Americans claim benefits at the earliest possible age—62. Here's why many of them regret it. The link between income and wealth and longevity was studied by researchers at the Urban Institute in this 2015 report. Subscribe to Financial Decoder for free on Apple Podcasts or wherever you listen. Financial Decoder is an original podcast from Charles Schwab. If you enjoy the show, please leave a ★★★★★ rating or review on Apple Podcasts. Important Disclosures: The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. Investing involves risk, including loss of principal. Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (1118-87NN)