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Huge Boost to Social Security pay - if you can wait for it
Just 3% of Social Security recipients wait until age 70 to begin benefits. That’s too bad according to nearly all the experts, as starting them at age 70 allows one to collect the absolute maximum monthly benefit. The benefit increase is substantial– 8% per year from full retirement age until age 70, a return nearly impossible to obtain guaranteed elsewhere. The return is less each year between 62 and full retirement age. Read the full piece by Maurie Backman on why it pays to wait 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.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.