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A Social Security “Magic Number” to be Aware of
The debate on when to retire usually focuses on the range of ages from 62 to 70, with many pundits offering suggestions on the pros and cons of either end of this spectrum. But there’s another number that is at least as important as age, and that is the number of years in your work history. In this article posted on GoBankingRate’s Retirement page, the impact of not reaching this “magic number” in or work history is discussed, and it’s something that can be easily overlooked when keying in on that retirement date. Check out the article here but first, take note of one editorial item with respect to a statement in the article. The author reports that the Social Security “…system equalizes lifetime benefits regardless of when you claim.” That’s true to a point, but only if the claimant’s lifespan matches the actuarial projections used by Social Security to calculate benefits. There is a breakeven point beyond which an early retirement decision can cost you money. If you’d like to know more about that piece of the Social Security puzzle, give us a call at the AMAC Foundation Social Security Advisory Service.