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Are You Ready to Claim Social Security? - NASDAQ
Being mentally ready to claim Social Security and being physically ready to make that move may be two different things! Sure, if you’re stressed out at work or otherwise simply ready to hang up your work clothing, and you are at least 62 years of age, claiming Social Security may be something you are considering. But, before you take that step, there are some things you should do to prepare. Foremost among those things is to make sure you understand how your Social Security benefits are determined. The two most important factors to look at are your lifetime earnings record, and what your benefit will be given your age. The reason the former matters is because your base SS amount is based on your average lifetime earnings, and the reason for the latter is because your age when you claim determines how much of your base benefit you will get. Your “base benefit” is known as your “Primary Insurance Amount” or “PIA” which is what you get if you claim at your full retirement age (FRA). Your FRA is somewhere between 66 and 67 depending on the year you were born. Then, when you’ve determined when to claim, you should prepare yourself by locating all the documentation you may need to actually apply. All of this is described in this NASDAQ article by the Motley Fool’s Kailey Hagen, available at this link.
Also, if you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security, note that the AMAC Foundation provides a free-to-the-public advisory service to help Americans navigate the complexities of this program. All questions are answered quickly, at no charge. Learn more about it here…