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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.
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.