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COVID-19 and Your Decision to Claim Social Security Benefits
Those who have been weighing their options for Social Security benefits know that filing early (i.e. before their full retirement age - FRA) will result in a reduction from their FRA benefit. Likewise, they know that deferring their filing beyond FRA will add to their eventual benefit annually until they reach age 70. So, most financial advisors will advise their clients to postpone their benefits as close to age 70 as possible.
Enter the COVID-19 pandemic: The scenarios for some folks may be changing as a result of the impact this situation is having on their working arrangements and health care costs. In a post on their website, The Motley Fool’s Maurie Backman explores some of the current-day thinking regarding the decision to start or defer benefits, noting that “ … COVID-19 could change the way you think about claiming benefits.” Check her article out 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.