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…

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