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Claiming Social Security? Focus on the basics.
Reaching age 62 means you’re now eligible to claim Social Security retirement benefits, even if you’re not technically retired. You’ll want to focus, of course, on the Retirement Earnings Test rules and how that might affect the benefits you’ll receive, as well as on the implications of federal income taxes you’ll pay on those benefit dollars (especially after expiration of the temporary senior deduction made available via last year’s tax act). Overall, though, there’s another key parameter you’ll want to consider before making your claiming decision: What can you expect Social Security to provide as a percentage of your pre-retirement earnings level?
A post by The Motley Fool’s Maurie Backman on finance.yahoo.com takes a look at this latter question, dispelling the inflated expectations that many folks have about what Social Security provides. She discusses the implications of that initial claiming decision on spousal benefits, as well as the long-range implications of claiming before full retirement age. Check out her post here. If you still have questions after reading Ms. Backman’s explanations, know that the AMAC Foundation’s Social Security Advisory Service is available free of charge to help you. Learn more about this service and how to access it here.
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.