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Tap Retirement Savings Or Start Social Security?
For those between 62 and 66 it is an especially tough time if one has suffered financially due to Covid-19. Steve Vernon writing in Forbes argues to leave Social Security and 401k plans/IRAs alone and exhaust every other possible option such as using savings, seeking mortgage relief, and even delaying utility and other bills by asking permission. Vernon ranks applying for Social Security benefits early last on the list because the monthly benefit reduction is permanent. Further, this option isn’t easy to do if one ‘s financial picture improves, such as finding a new job. 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.
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.