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Dave Ramsey’s Advice: Risky or Wise?
Grab your benefit at age 62 and invest it all says financial guru Dave Ramsey. Christy Bieber analyzes the advice here. Ramsey’s suggestion is to claim Social Security early (even at the reduced benefit rate) and put all of the money into a good mutual fund. He notes doing so will more than make up for the extra money that would have been included in checks if you’d waited longer to claim them. But Bieber cautions many seniors may need funds before growth can occur. Also, bad market years do happen with less time for seniors to make up the amounts. Plus, future COLAs are based on higher base amounts for those who wait. 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.