Social Security’s Problems a Bad Reason to Start Benefits Early

“Don’t bet against Social Security” is the message from Steve Vernon writing in Forbes.  He echos what most experts routinely say– do not start benefits early unless necessary.  Vernon does a detailed analysis showing how people generally lose when claiming their benefits before their full retirement age (FRA), which is now 66 or 67 depending on birth year.  But he stresses that all the talk of “bankruptcy” and “shortfalls” is needlessly encouraging people to start benefits earlier than FRA with a sort of fear they won’t get something later.  Vernon stresses that even if Congress allowed 20 percent cuts to go into effect in 2035 as predicted without a fix, nothing changes, as the cut is the same for all.  Similarly even if cost of living adjustments are high or low over time, that doesn’t change the facts or the calculations that waiting yields permanently higher benefits.  Read the full piece here.

The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized.  This can be achieved by making modest changes in cost of living adjustments and the retirement age, with no additional taxes on workers.  Read AMAC’s plan 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 and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone. Learn more about this service via the Foundation’s website.



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