The Importance of Age When You Claim Social Security
Correctly deciding the age at which you claim Social Security is crucial to the amount of benefit you will receive, and we cannot overly stress that fact. Benefits taken before your full retirement age are reduced by as much as 30% if your full retirement age (FRA) is 67 and you claim at age 62 (your FRA depends on the year you were born). There is actually an 8 year window during which you can claim Social Security retirement benefits, and the earlier in that window you claim, the smaller your benefit will be. Conversely, the longer you wait in that 8 year window which ends at age 70, the higher your benefit will be. Indeed, a benefit claimed at age 70 will be about 76% more than a benefit claimed at age 62. This Mooresville (NC) Tribune article by contributor Kailey Hagen provides what she calls “the most important Social Security chart you’ll ever see” describing the affect claiming age has on the amount of benefit you will receive. Click here to read more.
Also, if you’re unsure about your individual situation under Social Security or have questions about your personal benefit entitlements, note that the AMAC Foundation provides an independent free-to-the-public Social Security Advisory service to help Americans navigate the complexities of this program. Learn more about it here…