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A Dialog on the Age 62 vs. FRA vs. Age 70 Claiming Question

It’s probably one of the most frequent questions any financial advisor receives: Should I claim Social Benefits as soon as possible or wait? Here at the AMAC Foundation Social Security Advisory Service, we hear it often, and our response always begins with the frustrating words. “It depends.”

In a post on Advisor Perspectives, contributor Rick Kahler takes on the question with a discussion of some of these variables. The most significant of these variables, of course, is how long you plan to draw benefits. Some actuarial folks will tell you that there’s really no difference since the benefit formulas are bassed on Social Security’s mortality tables, but think about that…that means your life span will need to watch those mortality tables. The reality, though, is that in the 21st century, life spans are tending to exceed the “break-even” points. Since 1940 life expectancy for those reaching age 65 has grown substantially, increasing from 78.4 to 86.6 for females and from 76.9 to 84.1 for males, while the math associated with break-even analyses suggests age 78 as the point when early filers (age 62) will be losing out compared to those who defer filing.

Read Kahler’s post here, and know that if you have any questions about the filing process or the math associated with Social Security benefits, the AMAC Foundation’s Social Security Advisory Service is available at no charge. Learn more about this service here.

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