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Knowing How Your Benefit Increases (or Decreases) is Important
As most folks are aware, eligibility for Social Security benefits begins at age 62. What many folks are not aware of, however, is how much the benefit claimed at that age will be reduced from what would be available at their full retirement age (FRA). Also, many are not aware of the delayed retirement credits available to those who delay claiming their benefit until age 70. The Motley Fool’s Selena Maranjian, in a post on finance.yahoo.com, provides a handy reference chart to help folks assess how claiming ages affect their benefit amount. Check it out here.
Beyond the amount of one’s monthly benefit payment, there are also consequences for spousal benefits and survivor benefits that should be considered, and these factors can be somewhat complex. The AMAC Foundation’s free-to-the-public Social Security Advisory Service can help you understand these subjects…learn more about this service here.