Want More Social Security? Here’s How - WFMZ.TV News
Of course, everyone wants as much from Social Security as they can get – after all, you’ve paid into it throughout your entire working career. But, as with most things, the devil is in the details and to get a higher Social Security check you’ll need wait until you’re a bit older to claim it. Claim age, you see, is a primary factor which determines how much your Social Security payment will be. If you claim before your personal “full retirement age” (FRA) your benefit will be reduced by as much as 30%. If you claim when you reach your “FRA” you’ll get the full amount you’ve earned from a lifetime of working. But a big bonus awaits those who can wait beyond their full retirement age to claim. Those who wait until age 70 can get a benefit as much as 32% more than their FRA benefit amount, which would mean over $10,000 more in benefits each year. Nevertheless, waiting longer to claim isn’t always the right decision. To learn about the major impact claim age has on your Social Security benefit, read this WFMZ.TV News article by Katie Brockman. Click here to read more.
Also, if you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security, note that the AMAC Foundation provides a free-to-the-public service to help Americans navigate the complexities of this program. Learn more about it here…