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Picking the Right Social Security Age: Not an Easy Decision

Sean Williams notes the difficulty in selecting the right age to claim Social Security benefits as an imperfect science coupled with luck.  But one should at least know the four factors used in determining monthly benefits, so as to try to make the best informed decision.  The first two are work history and earnings history, with the Social Security Administration taking into account one’s 35 highest-earning, inflation-adjusted years in calculating a retirement benefit.  Note a $0 will be averaged in for each year less of 35.  The third factor taken into account is birth year, which determines the age at which one becomes eligible to claim a 100% benefit (full retirement age).  For most Americans, this will be 66 or 67, or somewhere in between.  The fourth important factor is claiming age.  Retired worker benefits can begin at age 62, but for each year one holds off taking a payout, monthly benefits grow by approximately 8%, up until age 70.  Read more from Sean Williams… 

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.

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Comments On This Topic

  1. Your files eventually lead to a file by the “Motley Fool” and the extra money they talk about. Do you have any opinion of the Motely Fool, Is investing $100 in their products a good idea? Thanks and good day.

    • Mr. Witkowski:

      Yes, many of our posts do lead to articles written by The Motley Fool staff. We have found them to be a credible source of information about Social Security. We do not, however, have any opinion about their credibility as a source of investment advice, not do we provide any type of financial advice. If you have a personal financial advisor, you might want to direct that question to them.

      Thanks for contacting us.

      Gerry Hafer
      AMAC Foundation, INc.

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