5 Social Security Oversights That Could Cost You Thousands
Chuck Saletta notes the complexity of Social Security despite how straightforward it appears to many. He lists five Social Security oversights could cost people thousands over the course of their retirement. They are: 1. Claiming early while still working; 2. Not claiming by your 70th birthday; 3. Waiting past full retirement age to claim spousal benefits; 4. Failing to realize that taxes on Social Security benefits are not inflation adjusted; and 5. Even “tax free” income counts toward making Social Security taxable. More detail on each point is in the 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.