Should You Delay Claiming Social Security? - Crossroads Today

It’s a question we hear daily from those contemplating their Social Security benefits, and the answer is always “it depends.” It depends on how urgently you need the money, as well as your health and life expectancy. You actually have an 8 year window in which to apply for Social Security, and there is substantial financial benefit for waiting until age 70 to claim. Depending on your full retirement age (FRA), your benefit at age 70 will be 24% – 32% higher at 70 than it will be at your FRA – a tempting reason to wait until 70 before applying. But your life expectancy is the key. To “breakeven” moneywise, you’ll need to live until about 82, and if you’re not confident you will then waiting may not be your best choice. All of this is discussed in this Crossroads Today article by Maurie Backman. Click here to read more.

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 service to help Americans navigate the complexities of this program. Learn more about it here…

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Comments On This Topic


    • Lilly:

      Your cousin’s concern is likely related to the persistent rumor that Social Security is headed for bankruptcy–a rumor that we attempt to dispel at every opportunity. That’s not to say that there aren’t problems, since the program is now paying out more than it’s taking in. The difference is being made up using the program’s cash reserves–about $2.9 trillion at the last official accounting–although these reserves are projected to be depleted in little more than 10 years. At that [point, the program will go on a cash basis, limiting benefits to the amount of incoming tax revenue. So, the benefits won’t go away, but they would need to be reduced to match revenue. We are optimistic that this won’t happen, and that Congress will deal with the problem in time to ward off the benefit cuts, which are projected to be in the 20% to 25% range. AMAC has weighed in for years on the need to resolve this long-term problem, and has proposed a legislative framework that would resolve it without necessitating tax increases. You can review this proposal at

      If you have any further questions, please contact our Social Security Advisory Service at 888-750-2622 or via email at [email protected].

      Gerry Hafer, National Social Security Advisor
      AMAC Foundation, Inc.

      CONFIDENTIALITY NOTICE: The contents of this message, including any attachments, are confidential and are intended solely for the use of the person or entity to whom the message was addressed. If you are not the intended recipient of this message, please be advised that any dissemination, distribution, forwarding, printing, copying, or use of the contents of this message, and any attached documentation, is strictly prohibited. If you received this message in error, please notify the sender. Please also permanently delete all copies of the original message and any attached documentation. The opinions and interpretations expressed in this message are the viewpoints of the message’s author, a trained advisor accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). The author, the NSSA, and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government.

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