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About Claiming Social Security Early due to Fear - Denver Gazette
By now, most seniors have heard that Social Security will be facing financial issues soon. According to the Trustees of the program, Social Security’s financial reserves will be fully depleted in late 2032 unless Congress enacts program reform soon. If Congress fails to act, everyone will see a cut of about 22% to their monthly benefit. And that is obviously a scary thought for many folks just approaching age 62 and others who have not yet reached their full retirement age but haven’t yet claimed their benefits. Yes, a benefit cut is a very scary thought, but that doesn’t mean that you should claim early “just in case” Congress doesn’t act. When it comes to Social Security, acting out of fear hardly ever has a good outcome, as explained in this “Savvy Senior” article by Jim Miller appearing at The Denver Gazette.
Fact is, claiming SS early only secures a permanently lower monthly SS benefit. So, even if Congress failed to act and a benefit cut occurs, cutting a smaller benefit claimed early is worse than cutting a higher benefit claimed later. For another perspective on this, see this Ask Rusty article published by the AMAC Foundation.
Social Security is a complex topic. If you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security or enrollment in Medicare, note that the AMAC Foundation provides a free-to-the-public advisory service to help Americans navigate the complexities of these programs. All questions are answered quickly, at no charge. Learn more about it here…