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Some Retirement Advisors are Wrong! - 247wallst.com
Considered somewhat of a “guru” on retirement matters, Dave Ramsey is a frequently featured guest on financial programs, and he offers a regular financial podcast and “blog” offering retirement advice to Americans. Though he’s often consulted about retirement options, it seems that his opinion on when to claim Social Security doesn’t sit well with some others. According to this article by Christie Bieber, Dave Ramsey favors claiming Social Security as soon as possible and, if feasible, investing the SS money to realize greater returns. But that advise doesn’t sit well with Ms. Bieber, because it results in a very steep cut your monthly Social Security benefit, which will be hard (perhaps impossible) to recover from, especially if you are blessed with a long life. And it seems that the statistical data doesn’t support Mr. Ramsey’s position, and does support waiting longer to avoid the reduced benefits caused by claiming SS early. Average life expectancy for those in their early 60s is now about 84 for males and 87 for females, suggesting that waiting to claim will likely yield the most in cumulative lifetime SS benefits. This article, appearing at 247WallSt.com, explains why Dave Ramsey may be wrong to suggest claiming Social Security early.
You may also consider this article, published by the AMAC Foundation about “when it the best time to claim Social Security.” And, 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…