How Many Maximize their Social Security?
Maximizing one’s Social Security benefit is actually quite simple – just wait until you are 70 years of age to claim. Simple, right? That is unless there are overriding circumstances which require you to claim earlier, for example, if you need the money sooner, or if your life expectancy is short. The absolutely wrong reason to claim Social Security early is because you are afraid Social Security won’t be there for you. Although Social Security is facing some financial issues unless Congress acts soon to reform it, Social Security will always be there. Nevertheless, fear of the unknown future causes most beneficiaries to claim benefits well before the maximum amount is achieved, as explained in this Yahoo! Finance article by Brian O’Conner.
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. Learn more about it here…