COVID-19 and the Decision to File for Social Security Benefits - Jacksonville Business Journal
For many folks dealing with the financial upheaval associated with the coronavirus pandemic, looking to file for Social Security benefits may seem to be a simple solution for those not yet at their full retirement age. And it may be, if the decision fits their long-term strategy for retirement and is made with a clear understanding of the implications involved. For example, the monthly payments will help bridge the current cash flow gap, but will result in a lower monthly payment than could be available later in life. Another implication is the affect that early filing can have have on spousal benefits, and yet another is the complications that could arise if, after filing, re-entry into the workforce enters the picture.
Whatever decision is made, there are several other factors that should be considered, especially since the decision is irrevocable (notwithstanding the first-year “do over” option, which has its own limitations). In an article posted at Jacksonville Business Journal, River City Wealth Management Financial Advisor Michelle Barron explains the key items that should be given careful attention and summarizes the implications of each. Read the article here…
It’s also important to know that the AMAC Foundation offers an Advisory Service that can help folks navigate the Social Security maze. This service, featuring five trained and accredited Advisors, is available to the public free of charge. To learn more about it, visit the Foundation’s website at amacfoundation.org/programs/social-security-advisory.