LEAWOOD, Kan., Oct. 31, 2012 /PRNewswire/ -- The BMO Retirement Institute today issued a national report which found that Kansans delay drawing down Social Security benefits longer than most Americans, and are generally more knowledgeable about spousal benefits. However, they may still not be maximizing their Social Security benefits, due to a lack of understanding around key issues.

The report, Retirees Not Maximizing Social Security Retirement Benefits, revealed that many retirees are taking their benefits too early and many are perhaps not aware of options and strategies to yield higher benefits.

"Today people are living longer, health care costs are rising and there are fewer defined benefit pensions, and combined that means Social Security could play an even bigger role in ensuring the next wave of senior citizens feel secure during their retirement," said Kelli Glynn, Kansas City Managing Director, BMO Private Bank. "It's important that retirees do their due diligence and speak with a professional so they can make informed decisions and maximize their benefits.After all, if you paid into the program for all those years, why not take full advantage of it?"

Timing Affects Dollars

When to take Social Security can have an impact that can last a lifetime, the report noted. For example, claiming Social Security as early as age 62 means receiving a reduced dollar amount for life while waiting until full retirement age or beyond yields a higher amount for life. However:

Important Factors

The report also revealed several factors that influence when people begin taking Social Security:

Spouses Have Rights Too

Another area related to retirees is how retirement affects their spouse. The report found that not all retirees in Kansas are fully aware of all their options:

Being uninformed means that many retirees could be missing out on thousands of dollars every year because, under Social Security rules, a person can receive up to 50 percent of a spouse's benefit and a widow can receive 100 percent of a spouse's benefit.

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BMO Retirement Institute Report: Kansans Delay Retirement - But May Be Unaware of Strategies to Maximize Social ...