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Don’t Claim Social Security Until You Know What Your Monthly Payment Will Be - Motley Fool
Sounds like simple advice, but it’s surprising how many people just claim when it “feels right” which is, far to frequently, as soon as they are eligible at age 62. But claiming the benefit you’ve earned from a lifetime of working without knowing if you will be able to live comfortably thereafter is akin to rolling the dice – you must accept what you get. Consider this: you have an 8 year window during which to claim Social Security and if you claim later in that window your monthly payment will be more for the rest of your life. How much more? Well, benefits claimed at age 70 are 75% higher than if claimed at age 62, and that could make the difference between comfort and struggle in your retirement. This Motely Fool article by Christy Bieber explains how to decide if the time is right for you to claim your Social Security benefit, and the role that your claim age plays in determining your monthly benefit. 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 advisory service to help Americans navigate the complexities of this program. Learn more about it here…