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Should the reduction in Social Security benefits for claiming early be reduced?
You are entitled to your full Social Security benefits when you reach your full retirement age (FRA) which currently falls somewhere between 66 and 67; however, you can start receiving your Social Security retirement benefits as early as age 62. But, if your claim your Social Security benefits once your reach age 62 but before you reach your full retirement age, your benefit will be reduced by 6.7 percent for every 12 months before your FRA. In the wake of the pandemic, there have been calls to reform the system to reduce the reduction in benefits for claiming early. In the attached article appearing on www.thinkadvisor.com, Robert Bloink and William H. Byrnes, two professors and authors of ALM’s Tax Facts with opposing political viewpoints share their opinions about changing the way reduced benefits for claiming Social Security early are calculated. To read a summary of the debate, click here…
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.