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Advantages and Drawbacks of Taking Social Security at 65

Full retirement age for Social Security is now between 66 and 67, depending on birth year.  It is possible to and may be tempting to begin Social Security benefits at age 65 in tandem with applying for Medicare.  But, as Maurie Backman points out, that would entail a modest reduction in monthly benefits for life.  The answer to whether one should take benefits at 65 (or the earliest possible age of 62) depends on earnings status and whether one really need the money at 65.  Waiting until full retirement age or beyond will grow benefits significantly.  But for those that have a good reason to file at 65, there are some conveniences on the Medicare front, and you won’t slash your benefits to such an extreme as starting them at age 62.  Read more here.

The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.



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