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How Claiming Social Security Early Can Hurt You - Yahoo! Finance
“Because it’s there” is the reason so many working Americans claim Social Security when they turn 62 years of age. Somewhat understandable when, for a whole lifetime, you’ve been paying money into a program and are anxious to start getting some money out of it. But claiming Social Security at age 62 or, for that matter, at any age before your personal “full retirement age” can hurt you financially, and substantially. First of all, at age 62 you’ll only get 70% of the benefit you’ve earned from a lifetime of working. Next, if you’re still working and exceed the annual earnings limit, you’ll lose some (or perhaps all) of your benefits. Waiting even beyond your full retirement age to claim will yield considerable financial reward as well. So deciding when to claim Social Security should be done with careful thought, as this Yahoo! Finance article by Laura Bogart explains, because a decision to claim Social Security early may be irrevocable and may be a decision you end up regretting.
Also, if you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security, note that the AMAC Foundation provides a free-to-the-public advisory service to help Americans navigate the complexities of this program. All questions are answered quickly, at no charge. Learn more about it here…