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Claiming Social Security Early Could Bring Regret

Claim at age 62 and forget about it. That’s what most people do with Social Security, though that entails up to a 30% cut in benefits for life. Do people know that? It’s not fully clear. Dan Caplinger explains the benefits of waiting until full retirement age (now 67) or even age 70 get the maximum benefits. Benefits at age 70 are 77% higher than at age 62. But he also cautions that your spouse might sorely regret your decision to claim early, as survivor benefits can be paid after your death. Read 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.

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