Caution urged before rushing to claim early benefits due to pandemic - AMAC & The Motley Fool
Most Americans already claim Social Security at age 62, the earliest possible for retirement benefits. That choice comes with a permanent lifetime reduction, up to 30% off the monthly amount by not waiting until full retirement age (66-67 depending on birth year.) It would appear still more Americans may seek to grab their benefits early due to pandemic. Maurie Backman discusses three reasons why that is NOT a good idea. First, retirement plan values have largely recovered or even exceeded pre-pandemic amounts. Second, unemployment benefits could get you through a period of joblessness. Third, you may have benefits withheld if your income has been reduced, not eliminated. 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.