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Taking SS benefits at age 70 versus age 66
According to the latest Trustees’ report, Social Security could be facing benefit cuts up to 21% if the Trust Fund goes dry in 2034. That has led some to suggest that in the face of potential benefit reductions, taking Social Security at age 66 may be a much better choice than waiting until age 70 when the benefit amount reaches maximum. At least one pundit, Laurence Kotlikoff, takes exception to that advice by showing that even if benefits were cut by 23% in the year 2034, the average beneficiary would still come out ahead by waiting until age 70 to claim benefits. In this Forbes article by Mr. Kotlikoff, he explains how waiting until you are 70 would still yield the most lifetime benefits, even if the worst case 2034 scenario happens. Click here to read more.
AMAC has been at the forefront trying to strengthen Social Security by developing and proposing its Social Security Guarantee. AMAC has been discussing and continues to discuss this common-sense solution with Congressional Representatives in its efforts to protect America’s senior citizens who rely on Social Security. To review AMAC’s Social Security Guarantee, click 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.