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The Must See and Understand Social Security Table
Selena Maranjian’s article has this main point– you can make your Social Security benefits 24% greater or 30% smaller. You’ll want to make the move that’s best for you, buy you first must understand what benefits are paid at different ages. Monthly benefits are much less claiming any time before full retirements age, now 67, but you get more of them. Waiting means fewer payments, but higher amounts. The increase between 67 and 70 is 8% annually. Maranjian also covers why one might claim early or late, as life circumstances are a key factor in any decision. Full piece, including the table, is 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.