Don’t Hurt Your Social Security Benefits Without Realizing It
Social Security replaces only about 40% of pre-retirement income, yet 20% of married couples depend on their monthly checks for at least 90% of their income, according to the Social Security Administration (SSA). Katie Brockman points to three things you could that could be hurting your Social Security benefits without even realizing it. The first is not working a full 35 years. The SSA fills in anything less than that with zeros, thus depressing monthly benefits in retirement. Likewise, claiming earlier than full retirement age (now 66 to 67) means a permanent lifetime reduction in monthly benefits. Last is not taking advantage of spousal benefits if you are entitled. Brockman explains each in this 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.