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Answer these three questions before filing for Social Security
Deciding when to begin collecting Social Security benefits is among the most important life decisions one can make. Maurie Backman suggests asking these questions: 1.) Am I at full retirement age (now age 66 and 67 for those born in 1960 or later)? Waiting will guarantee a higher benefit than starting early at age 62. 2.) Are my savings healthy? Since Social Security is but one piece of overall retirement, it may be best to delay, even up to age 70, to maximize monthly benefits if you do not have much else saved. 3.) Can I continue to work and collect benefits? You can work as much as you like after full retirement age, but there are reductions to Social Security benefits if you work and exceed $17,640 in annual income between age 62 and full retirement age. Read 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.
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