Things to Know Before You Claim Social Security - Motley Fool
Unfortunately, many people claim Social Security as soon as they can “because it’s there” and that is usually the wrong thing to do. Everyone’s personal circumstances are different and the best time to claim can’t be determined until you’ve considered your current financial need, your life expectancy, your martial status, and your plans for working. All of these things come into play as your decide when to claim, and your age when you claim affects how much your benefit will be. Depending on your income, Social Security benefits may be taxable, and working full time before your full retirement age could result in some of your benefits being taken away. Divorcees and children may also be eligible for benefits if they meet certain criteria. The point is – as this Motley Fool article by Kailey Hagen explains – there are certain things which could have a huge impact on your Social Security payment. Find our more by clicking here.
At the end of the article, the author suggests contacting the Social Security Administration for more information. That, however, can be a challenging task. If you’re unsure about how any of these Social Security basics apply to you, or if you have any questions about your individual situation under Social Security, note that the AMAC Foundation provides a free-to-the-public advisory service to help Americans navigate the complexities of this program. All questions are answered quickly, at no charge. Learn more about it here…