The Easiest Social Security Mistake to Avoid - The Motley Fool & AMAC
Claim at age 62 and forget about it is the unfortunate mantra of a majority of those applying for first time Social Security benefits. But what so many do not understand is that claiming at 62 means a permanent reduction in monthly benefits, up to 30% less! Why? Maurie Backman covers it all here, explaining that full retirement age is now 67 for most, and delaying until something known as the maximum retirement age of 70 yields one the highest possible benefit. For those who think they will need to stretch benefits longer, especially since we are living longer, it is at least worth knowing about the benefit cut for electing a start date at age 62. Read full piece here. Included in Backman’s piece is a link to the all important article How Social Security works.
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.