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Proceed with caution before starting Social Security benefits at 63
Maurie Backman of The Motley Fool states unequivocally that if you file for Social Security at age 63 with a full retirement age of 66, you will lose about 20% of your monthly benefit amount. Filing at 63 with a full retirement age of 67 means a 25% reduction. That is why it’s problematic that Americans think they’re entitled to their full benefits at 63. Of course one can file a year early at age 62, meaning a still further permanent reduction. Read Backman’s full piece here to find out why one should wait as long as possible to start taking Social Security benefits.
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.