Making the wrong decision on when to claim Social Security will hurt you
When to claim Social Security is arguably one of the most important retirement decisions you will make. For example, claiming too early will give you some money earlier in your life, but the amount will be considerably smaller than it might otherwise be if you waited. And if you don’t know how the system works, chances are pretty good that you’re going to make a decision which will be very costly to you in retirement. In fact, a recent study revealed that poor claiming decisions by those in the 1000 person study group,resulted in them collectively forfeiting about $3.4 billion dollars in cumulative lifetime Social Security income. That’s a pretty gruesome thought, as discussed in this Fosters.com article by Certified Financial Planner David Mayes. Click here to read more.
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 service to help Americans navigate the complexities of this program. Learn more about it here..