Biggest Social Security Mistakes
Social Security sends monthly retirement benefits to over 63 million Americans. Because the program is so complex and difficult to navigate, Bankrate asked the experts to list the biggest mistakes folks should avoid. These are five: 1.) Sticking to a one-size-fits-all strategy, such as information they found on the Internet; 2.) Misunderstanding how much money you’ll receive; 3.) Assuming Social Security will fully cover your expenses (it replaces just 40% of pre-retirement income); 4.) Not making extra preparations, as a woman; 5.) Taking Social Security at the wrong time; folks need to understand that taking benefits early means a permanent monthly reduction for life. Read the full article from Foxbusiness.com 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.