Social Security: Thinking About Filing?
Every day, thousands and thousands of Americans reach that point where they are eligible for Social Security retirement benefits, either at the earliest possible age (62) or their full retirement age (generally 66 or 67, depending on birth date). Arrival at Social Security eligibility is a significant milestone in one’s financial planning process and while the arrival is automatic, exercising the option to collect benefits takes some serious thought. But don’t despair…help is available. The Motley Fool’s Selena Maranjian, in a post on their website titled “How to Apply for Social Security: A Step-by-Step Guide,” outlines seven basic categories where preliminary understanding of Social Security will help you navigate the process. Check it out here…
Ms. Maranjian’s post discusses the process for determining one’s full retirement age, an element critical to maximizing monthly benefit payments, and covers the mathematics of how these benefits are calculated. She also touches on the potential taxation of benefits and the implications of working while drawing benefits before one’s full retirement age, and concludes with a brief tutorial on the application process itself. Overall, a good read for someone beginning to look seriously at taking the leap into Social Security, but it’s important to be aware of the many nuances of the program’s rules that can have an impact on your personal benefit strategy. That’s where the AMAC Foundation’s Social Security Advisory Service can help you. Through its free-to-the-public service, the Foundation’s staff of trained and certified Advisors is available to help you select an approach most appropriate for your situation, and you can learn more about this service here…
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