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Some Social Security strategies can cost you

Maurie Backman highlights three strategies to be aware of when deciding on a start date for Social Security benefits.  Filing at age 62 or any time before full retirement age will cost you.  The “take the money as soon as you can” mindset has a downside– permanent monthly reductions for life plus further reductions if you work before full retirement age.  Delaying benefits to age 70 often is promoted as a great option to maximize your benefit for life, but that has a downside too if one is in poor health and will likely not live long enough to reap the benefit of delaying.  Finally, spousal benefits aren’t eligible for delayed retirement credits, so the most you can collect is half of your spouse’s total, so delaying has only a downside here too.  Read Backman’s full piece 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 of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.



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