Ready To Retire? Ask Yourself These Questions - Motley Fool
If you feel that 2023 could be the year you will join the ranks of retired Americans, you likely know that Social Security will play a somewhat important role in your financial future. However, a majority of those contemplating retirement simply do not fully understand exactly how and where Social Security will fit in their so-called “golden years.” And surprisingly, although many don’t fully understand that very key part of their future, they still move forward and claim, thus making an uninformed decision. And that’s unfortunate because they’re most likely leaving a good deal of Social Security money behind, when simply understanding a few key factors might cause them to make a different claiming decision or, at least, validate the decision they’re about to make.
We can’t emphasize enough how important it is to understand your personal Social Security situation before claiming Social Security, especially knowing your “full retirement age” (FRA) and understanding how your age when you claim affects the size of your monthly payment. Equally important, if you plan to work at all during retirement (as so many Americans are now doing), knowing about Social Security’s “earnings test” can help you avoid losing some benefits. Both of these factors and more are discussed in this Motley Fool article by Stefon Walters.
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 advisory service to help Americans navigate the complexities of this program. Learn more about it here…