Latest News
Claiming Social Security early, and the risk of late-life poverty
Age 62 - the minimum age for claiming Social Security - is clearly the most popular age at which people claim their Social Security benefits. But by claiming at that early age, they are taking a significant cut in what they would otherwise get by waiting until their full retirement age or beyond, and that reduction in benefits will last for the rest of their lives. With many beneficiaries now collecting benefits for decades, that lower benefit - as much as 30% lower for those born after 1959 - might mean that they will be struggling financially in the later years of their lives, perhaps even falling below the Government’s “poverty line”. In this MarketWatch article, columnist Alessandra Malito explains that those who claim their Social Security early could very well end up regretting it. Click here to read more.
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.