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Social Security: The power of delaying - Nasdaq

In simplistic terms, the earlier you claim Social Security the smaller your benefit will be; the longer you wait to claim the higher your monthly payment. Reduced SS retirement benefits can be claimed as early as age 62, and your Full Retirement Age (FRA) is when you get 100% of the benefit you’ve earned from a lifetime of working. But did you know it’s possible to get more than 100%?

If you wait to claim beyond your FRA (between 66 and 67 depending on birth-year) you’ll earn Delayed Retirement Credits (DRCs) which will increase your benefit by 8% for each full year you delay. However, as this Nasdaq article by Motley Fool’s Christy Bieber explains, the power of delaying diminished a bit for 2024, and will continue to do so for a while. It all comes down to legislated changes to Social Security’s full retirement age, enacted years ago, which limits how much extra can be gained by waiting longer to claim Social Security. Thus, younger retirees cannot get as much extra as their older SS counterparts, so should save more for their “golden years.” Click here to read the Nasdaq article.

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. All questions are answered quickly, at no charge. Learn more about it here…

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