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Beware these 4 Social Security “land mines”
Maurie Backman cautions those getting ready to start Social Security retirement benefits to avoid making any of the following four mistakes: 1. Not knowing your full retirement age (it is now 67 for most folks); 2. Not understanding what goes into your benefits calculation (you need 35 years of work to get the highest benefit); 3. Not checking your yearly earnings statements (mistakes reported in earnings would prove costly); 4. Not recognizing Social Security’s limited buying power (it was never intended to live on, as it replaces just 40% of pre-retirement income). Read here 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 about this service via the Foundation’s website.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.