Know These Social Security Rules to Prevent Shrinking Lifetime Benefits
Maurie Backman explain that it is essential that everyone squeeze as much money as they can out of Social Security. Doing so requires understanding a few rules and concepts. First, one must understand that benefits are calculated on 35 years of work. Anything less means a zero calculation for each year of non-work. Two, full retirement age is now 67 for those born 1960 or later, but max retirement age of 70 grants the highest possible lifetime benefit. Claiming from 62-67 entails huge reductions in monthly benefits. Three, the author explains the one time do-over, but it is time limited. 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.