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A Strategy to Maximize Your Social Security - Yahoo! Finance
This Yahoo! Finance article explains how to maximize your Social Security benefits, possible adding another $300,000 to your total lifetime benefits. It suggests that delaying up to age 70 to claim your benefits is a smart move, vs. taking a 30% cut by claiming at age 62, or even claiming less than maximum at your full retirement age (FRA, which is between 66 and 67, depending on the year you were born).
Actually, deciding when to claim Social Security isn’t quite that simple. True, waiting until age 70 to claim will yield a higher monthly amount, but whether that is best for your personal circumstances requires deeper thought. Claiming at age 70 is a smart move if a) you don’t urgently need the SS money sooner, and b) you expect to live at least until the “average” age for seniors today (mid-80s). But if that is not your personal case, or if you have other influencing factors (such as spouse or minor and/or disabled child benefits), then waiting until 70 to claim may not be a prudent choice. Point is: Everyone’s personal situation is different, so when to claim Social Security should be a decision based on your specific circumstances.
Nevertheless, this Yahoo! Finance article by Cynthia Measom provides sage advice on how to maximize your lifetime Social Security benefits, if your personal circumstances suggest it.
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. All questions are answered quickly, at no charge. Learn more about it here…