Social Security is a main source of retirement income for many Americans. The age at which people start taking their Social Security benefits directly influences the amount they receive each month and over their lifetime. Claiming benefits before full retirement age lowers the monthly payment, while delaying increases it. Even though delaying is often better financially, most people still claim their benefits early. We use data from the 2018 Health and Retirement Study (HRS), which surveys older Americans about their health, wealth, and well-being. We review the Big Five personality traits: openness, conscientiousness, extraversion, agreeableness, and neuroticism, and explore whether the age of claiming Social Security explains part of the link between these traits and financial satisfaction. Using structural equation modeling, we find that conscientious people tend to claim retirement later and feel more satisfied, while agreeable and neurotic people claim earlier and feel less satisfied. Extraversion and openness affect satisfaction directly but not through claiming age. These results demonstrate that Social Security claiming age works as a bridge between personality and financial satisfaction, highlighting how human psychology shapes retirement outcomes.

Accepted Oral Presentation