Having a secure retirement and financial options available to you in your older years can give you a lot of peace of mind and something to look forward to. Most people are already aware that Americas are in the middle of a retirement crisis but some older individuals who have planned properly are benefitting from that work done in advance.

One Merrill-Lynch study, for example, found that over three quarters of adults beyond age 65 reported feeling happy and having the lowest rates of anxiety. Their happiness rates were higher than any other age cohort. Social security is one common reason why there are lower poverty rates and higher happiness rates amongst seniors because of this security and stability provided with that income.

Some studies have even found that social security has decreased poverty by as much as 31 percentage points in elderly populations but another study found the vast majority of seniors were able to increase or maintain spendable income even after claiming social security. It’s important to think about when claiming social security makes the most sense for you. You can discuss this with your financial advisor and talk with your estate planning attorney about how this fits into your bigger goals for your own retirement and for passing on assets to loved ones.