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Plan to Claim Social Security at 62, Even if you Don’t
Maurie Backman’s piece notes the advantages of delaying Social Security until full retirement age of 67 (for those born in 1960 or later) or the maximum retirement age of 70. But, as she notes, life is unpredictable, whether it be health issues that come up or folks being downsized out of their jobs before they expected. Backman believes it is a good strategy to PLAN to begin benefits at age 62. That would force people to ramp up their savings outside of the program, essential because Social Security replaces a mere 40% of pre-retirement income. Full article here.
AMAC’s Foundation offers a free-to-the-public advisory service to 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.