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Answer These 3 Questions Before Claiming Social Security Benefits
Without Social Security nearly 38% of seniors would be living in poverty, according to the Center on Budget and Policy Priorities. Thus it is incredibly important to answer these three questions before starting benefits, according to Selena Maranjian. Knowing full retirement age is number one, as it is anywhere between 66 and 67 depending on birth year. But to maximize benefits, one should hold off until age 70 for a permanently increased lifetime monthly benefit. The author also discusses the “can you afford to retire now” question by explaining the 4% withdrawal rule. Finally, she notes that spouses should collaborate to maximize their benefits between the two. Full article 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.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.