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Ask these four questions before signing up for Social Security
Sean Williams notes the four components that determine monthly benefits at full retirement age. They are work history, earnings history, year of birth, and the age one claims benefits. Waiting as long as possible (to age 70) will greatly increase one’s monthly Social Security benefit. Here are four questions one should ask: 1.) Am I healthy? 2.) Is there anyone else my claiming decision could impact? 3.) Do I really need the money right now? and 4.) Do I understand the tax implications? The last question includes not just federal income tax, of which more than half of beneficiaries will owe at some point, but state taxes as well. Thirteen states tax Social Security benefits to some degree. Read full piece 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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