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Besides your 9-digits, you must know THIS number

Social Security benefits are calculated based on earnings from your top 35 working years.  But the age at which you initially file causes that number to fluctuate substantially.  If you wait until full retirement age to collect benefits (66 or 67 depending on birth year), you’ll get the full amount your earnings record entitles you to.  File any earlier and you’ll reduce your benefits for each month you claim them early, and note that reduction is permanent.  Some people have the mistaken belief they can file after 62 and get a “bump up” later on after hitting 66 or 67.  Not so.  Benefits are reduced by 6.67% per year for the first three years you file early and by 5% for each year thereafter.  Therefore, the reduction is 30% for someone taking benefits at 62 who has a full retirement age of 67.  Read full piece here for more information and to learn your magic number.

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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