Latest News
Claiming Early? You’re Not Alone…Here’s Why.
From a financial planning standpoint, conventional wisdom espoused by retirement advisors suggests waiting at least until full retirement age, and preferably until age 70, to claim Social Security benefits. There is nothing wrong with that advice, of course, but with a mere 10% of future retirees planning to take it sort of makes you wonder. That’s the essence of a post today by Forbes senior contributor Bob Carlson titled “Why Most People Still Plan To Take Social Security Early.” (Click here to access it)
Carlson’s post suggests that not knowing the financial implications of claiming early is not the reason most folks refrain from delaying their claim. Rather, he notes that financial need ranks as a key driver. His post offers suggestions on ways to arrange cash flow using other “investment and retirement accounts” in order to benefit from Social Security’s higher payout and partial inflation protection. Importantly, he notes that Social Security’s looming insolvency and the fear of benefits stopping at some point is not a major reason for early filing.
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.