3 Social Security Blunders That Could Cost You More Than $100k
Christy Bieber notes Social Security will pay more than a trillion dollars in benefits to around 65 million Americans in 2020. She cautions to avoid these three big blunders that could come at a cost of more than $100,000. The first is claiming benefits at the wrong time. As an example, say you can claim a $1,125 benefit at age 62 but decide to wait until 70 to max out benefits. If you pass away a month before your 70th birthday., you’ve missed out on more than $106,875 in income based on the choice you made. However, you just as easily could’ve lived well into your 90s and ended up with more lifetime income by waiting. Family and personal health history are important to know when deciding . Second is divorcing before being married 10 years. Third is not understanding the benefits you’re eligible for. For example, survivor benefits can be even more valuable than spousal benefits. Read the full article here.
AMAC Foundation’s Social Security Advisory Service is free to the public, and features the availability of a staff of trained and accredited Advisors standing by to provide clarification and guidance to those approaching Social Security. To learn more about the Social Security Advisory Service, click here to visit AMAC Foundation’s website. Since launching the service in 2016, the Foundation has served more than 14,000 Seniors in understanding this critical support system.