Patience is key to getting more from Social Security
Maurie Backman reports here how the majority of Americans rush to claim Social Security as soon as they are eligible at age 62. While not a bad choice for all, she explains how that is absolutely not the way to maximize one’s monthly check for life. Waiting pays off– big time for those who can delay receiving benefits past full retirement age (66-67 depending on birth year) until age 70. The return in those latter years is 8% per year, an increase impossible to achieve in any savings account or bank CD. Even the stock market cannot guarantee such a return every year. Full article is 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.