Latest News
The consequences of claiming Social Security early
In this Yahoo! Finance article by Maurie Backman of the Motley Fool, the author describes how the age at which you start collecting Social Security affects your benefit amount. Collecting before your full retirement age - between 66 and 67 depending upon the year you were born - will mean your benefit will be reduced for the rest of your life. And that’s not the only consequence of claiming early, because if you’re still working and exceed Social Security’s earnings limit, some (or possibly all) of your benefits could be withheld. But if you start benefits and change your mind within one year, there is a way for you to undo your benefits and wipe the slate clean. Click here to read about 3 things you should know about claiming early.
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.