Claiming Social Security at the wrong time can be costly

Much has been written about when is the best time to claim Social Security. Some advisors will tell you to take your benefits as soon as you’re eligible at age 62, and others will extol the virtues of waiting until you’re at least your full retirement age (as defined by Social Security) or even waiting until age 70 when you’ll get the biggest benefit you can get. But the reality is that everyone’s personal circumstances are different and making an uninformed decision will end up costing you a lot in lost benefits. In this Motley Fool article by Selena Maranjian, she discusses some of the most common costly mistakes made by seniors deciding when to claim their Social Security benefits.  Click here to read more.

If you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security, note that the AMAC Foundation provides a free-to-the-public service to help Americans navigate the complexities of this program. Learn more about it here…

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