Starting Social Security Well After Age 62 has Benefits
In 2016 about 60 percent of new Social Security recipients began taking benefits before their full retirement age, with around one-third starting them at age 62, the earliest age possible. While some people may take benefits early due to the negative news about the health of Social Security, for others it may just be a social norm or a lack of education about the benefits of waiting that causes them to take benefits early.
The Social Security Trustees report the program will pay out more in benefits than collected in 2018, for the first time since 1982, and that it will exhaust its reserves by 2034. But as Peter Finch of The New York Times reports, the benefits of waiting to collect until age 70 are not well understood by the general public. Read his full article here.
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.