Social Security tips for the new year
The more you know about Social Security, the more likely it is that you’ll make an informed decision on when to claim your benefits. Interestingly, a majority of people claim benefits before they have reached their full retirement age (FRA) when they can get 100% of the benefit they’ve earned from a lifetime of working, which means that they’ll suffer a permanent benefit cut. Claiming at age 62 could mean a reduction of up to 30%, but delaying until age 70 could mean a benefit amount 76% more than what you get at age 62. Also, knowing how your benefit is computed in the first place can help you avoid unwittingly taking a reduced benefit, and understanding how working might affect your benefits becomes critical if you claim before your FRA. All of this information is explained in this Motley Fool article by Maurie Backman. Click here to read more.
Also, if you’re unsure about your individual situation under Social Security or have questions about your personal benefit entitlements, note that the AMAC Foundation provides an independent free-to-the-public Social Security Advisory service to help Americans navigate the complexities of this program. Learn more about it here…
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.