A case for claiming Soical Security at 62
In this Motley Fool article by columnist Christy Beiber, the author makes a case for why she plans to claim her Social Security at age 62. Three primary reasons are cited – that the program is designed to pay out the same in total benefits regardless of the age claimed; that benefits will lose buying power due to inflation; and that claiming before the age at which mandatory withdrawals from tax-advantaged accounts kick in will mean less tax on her Social Security income. But the article unfortunately oversimplifies the decision. Readers should also understand that claiming at 62 (or at any age prior to one’s full retirement age) will subject them to Social Security’s “earnings test” which limits the amount they can earn without suffering a loss of benefits. Readers should also be aware that average longevity today (according to Social Security) is the mid-80s, which means that living to, or even slightly less than, that “average” age will actually yield more in cumulative benefits from waiting at least until one’s full retirement age to claim. The decision on what age to claim benefits actually needs a somewhat more contemplative approach, but the article is nevertheless informative by offering several reasons to consider claiming Social Security at age 62,
If you’re unsure about your individual situation under Social Security or have questions about your personal benefit entitlements, note that the AMAC Foundation provides an independent free-to-the-public Social Security Advisory service to help Americans navigate the complexities of this program. Learn more about it here…
To read the Motley Fool article by Christy Beiber, click here.
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