Slashed lifetime benefits – a heavy price for claiming Social Security early
Maurie Backman stresses that people filing for Social Security retirement benefits at the earliest age of 62 need to have all the information to make as informed a decision as possible. Few know you will lose 6.67% of your benefits per year for the first three years you file early, and 5% each year thereafter. This means filing at 62 will slash your benefits by 30% as compared to a full retirement age of 67. Benefits actually increase at 8% per year between full retirement age and age 70, the maximum age to claim benefits. Read full piece here.
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.