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The most important Social Security table you’ll ever see
If only folks could know they could get 120% or more of their regular Social Security benefit. But they’d have to wait until age 70 to get that. What if folks knew they were actually being penalized or punished for taking Social Security at age 62? That’s right. Benefits are cut by taking it at any time before full retirement age. That message never really seems to permeate Americans, as most claim at age 62 and don’t look back. But, that is why this Fox Business article, with its table included, is so important to consider. The key point of this piece is to explain how your full retirement age and claiming age together can affect your payout. 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.