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Delaying Social Security remains important despite uncertainty
Even with an unclear future for the Social Security system, delaying benefits until age 70 remains a helpful tool for maximizing retirement savings, according to financial experts. Courtney Degen quotes a number of wealth management planners who concur with the consensus view in this piece. Data suggests folks are waiting a bit longer to start benefits, which suggests a healthy retirement system. A 2020 study from the Social Security Administration found that the proportion of eligible 62-year-old men who claimed benefits fell to 22.1% in the years 2015-2018 from 39.6% in the years 2000-2004. For eligible 62-year-old women, the proportion fell to 24.6% from 44.4%. Full pionline.com 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.