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The Age-old Question: When to Claim Social Security? - Yahoo! Finance
This question has perplexed senior citizens for many years: what is the best age to claim Social Security? The confusion is, i expect, the result of several things. First of all, there is an eight year window during which everyone eligible can claim their SS benefits – age 62 is minimum and age 70 is maximum. As, as you might expect, your monthly benefit will correspond with you age when you claim – those who claim at 62 will only get between 70%-75% of the benefit they would get at their SS full retirement age, and those who delay claiming SS until age 70 will get a monthly check about 75% more than they would get at age 62.
Yet another factor is the person’s individual financial status. As we are frequently told, most Americans do not save enough for their retirement. Those with a small (or non-existent) retirement nest egg are in a much more difficult situation when facing retirement from those who have acquired a substantial retirement nest egg. Put simply, those who have saved a lot for retirement have considerably better options for when to claim Social Security. And that is the point of this Yahoo! Finance article by Drew Wood. Although the married couple who are the subject of this article have accumulated over $3 million dollars, they are still struggling over when both should claim Social Security. And as the article points out, their sizable nest egg gives them several options. Read this article to see how to evaluate your SS options when you have a good nest egg backing up your retirement planning.
Social Security is a complex topic. If you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security or enrollment in Medicare, note that the AMAC Foundation provides a free-to-the-public advisory service to help Americans navigate the complexities of these programs. All questions are answered quickly, at no charge. Learn more about it here…