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Be Wary of Claiming Social Security at 70
Though financial experts almost unanimously agree waiting until age 70 to start Social Security benefits is a great strategy, Christy Bieber suggests it just may not work well for all. Indeed, one garners the highest possible monthly benefit for life by waiting. But Bieber notes health problems could hamper the plan. She also notes money to live on must come from somewhere from 62 to 70, assuming the person is not working. Drawing down one’s 401k plan or other retirement funds too much is highly possible. Read here 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.