Does the Age You Claim Social Security Actually Matter?
Theoretically if one lives to exactly an average life expectancy, then the result is the same no matter when benefits began. Collecting early (one can start as early as 62) means smaller checks, but more of them. Claiming later (age 70 is the max) means getting fewer checks over your lifetime, but each will be bigger. How much bigger? That’s what Eugene Townes explains in this Money & Markets article. Waiting until age 70 yields the highest monthly benefit check possible, with no further increase after that. Townes reminds readers that having a full 35 years of working history also helps, as any years with no income will have a zero factored in. 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.