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Is there a “magic age” to claim Social Security benefits? - FOX Business
With anxiety building over the much-reported depletion of Social Security’s Trust Funds by 2032, many are suggesting that those eligible should claim Social Security as soon as they are old enough to do so. The implication being that if Social Security becomes insolvent in 2032, those who are already claiming will avoid a cut in benefits. And that is absolutely wrong!
As this article points out, there is no “magic age” at which it is best to claim Social Security. But the worst choice you can make is to make that decision based on fear. Even in the unlikely event that Congress doesn’t act and a benefit cut is necessary, the only thing claiming early would do is ensure an even smaller monthly benefit. That’s because an across the board 22% cut in everyone’s benefit (as suggested by the SS Trustees) would yield a higher money amount if you waited longer to claim, rather than claiming at age 62. When to claim Social Security should be decided only after evaluating all of your options while considering your expected longevity, you work plans, your financial needs, and your marital status. In other words, look at your options without worrying about Social Security solvency, as suggested in this FOX Business News article by Kristen Altus.
Social Security is a complex topic. If you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security or enrollment in Medicare, note that the AMAC Foundation provides a free-to-the-public advisory service to help Americans navigate the complexities of these programs. All questions are answered quickly, at no charge. Learn more about it here…