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Claiming benefits at age 62 is tempting. Don’t.
The earliest age you can sign up for Social Security is 62, and it is also the most popular age to file. But Maurie Backman explains that is likely a mistake for most to do so before full retirement age (FRA), including those with a hefty retirement portfolio. She uses this example: if you’re in line for a benefit of $1,500/mo at an FRA of 67 and you file at age 62 instead, that total shrinks to $1,050/mo. That translates into $12,600/yr of income. Add in $40,000 from retirement savings, and you’re looking at $52,600. Waiting until age 67 boosts annual income by $5,400. Full article 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.