One Big Social Security Decision Can Hurt Seniors Financially
Maurie Backman covers the neverending dilemma seniors face about when to begin Social Security benefits. For most Americans, there appears to be little to decide. Age 62 is it, and then you forget about it further. But that decision can sting, and it can be painful. Benefits are 25-30% lower by not waiting until full retirment age, now 67 for those born 1960 or later. Many do not realize (or care) at the time they begin benefits, but the permanently lower checks can and does create real hardship. Depleting one’s nest egg due to the lower benefit is also a real problem. Backman suggests holding out as long as possible, as every month deferred means a small increase– permanently. Full piece 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.