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Don’t Let These 3 Social Security Regrets Wreck Your Retirement
According to a 2019 study conducted by the Michigan Retirement and Disability Research Center at the University of Michigan, 22% of retirees say they have Social Security regrets. Claiming Social Security too early is among the regrets, with 1-in-5 retirees say they wish they would have waited longer to begin claiming benefits. It is likely many did not fully comprehend that taking benefits any time before full retirement age (66-67 depending on birth year) equates to up to a 30% permanent reduction in the monthly payout. Waiting too long and overestimating benefits also are regrets. Katie Brockman explores all three in more detail in the full article 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.