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3 Awful Reasons to Take Social Security Benefits at 65
Maurie Backman explains how folks have an eight year window to claim Social Security benefits from 62 (most common age) until 70. As for claiming at exactly age 65, if doing that is for one of the three reasons she lists here, Backman suggest thinking again: One, you don’t know your full retirement age. That is a mistake. It is between 66 and 67 depending on birth year, so claiming even 1-2 years before (at age 65) still means a slightly reduced monthly benefit for the rest of your life; Two, you’re worried you won’t get Medicare coverage. Not so. You can be on Medicare for years before claiming Social Security with the only drawback being you won’t have the option to pay your Part B premiums directly from your Social Security benefits. Three, you’re afraid Social Security is running out of money. Don’t be. True, benefits will be cut 20% or more by 2035 without reform, but it’s unlikely Congress would not act before then. Read Backman’s full piece 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 here.
AMAC has been at the forefront trying to strengthen Social Security by developing and proposing its Social Security Guarantee. AMAC has been discussing and continues to discuss this common-sense solution with Congressional Representatives in its efforts to protect America’s senior citizens who rely on Social Security. To review AMAC’s Social Security Guarantee, click here.
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