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Thinking About Taking Social Security Benefits Early?
People appear to be rushing to take their benefits early because many fear it will not be there in the future. This is not a good reason for taking your benefits early, since Social Security will always be there at some level as long as people continue to work and pay into it via payroll taxes. If you claim yur benefits at 62, your monthly payment will be permanently reduced by 30% but if you delay claiming your benefits until age 70, you will receive a 24% increase to your monthly benefit payment.
Under current law, the Social Security Old Age and Survivors’ Trust Fund is scheduled to become fully depleted by 2033, with the possibility of a 23% benefit reduction at that point. We believe that legislative action will come to the rescue before 2033 to ward off this major financial catastrophe,
The benefit claiming decision can be challenging, since no one knows how long they will live. So, it’s critical to consider your family history, along with other factors like your other financial resources (e.g. general savings, 401K, IRA, etc.), how heavily dependent your family will be on your Social Security benefits, andHow heavily dependent will your surviving spouse be on your Social Security benefit1 Remember a surviving spouse only keeps the highest of the two benefits. Another consideration is the timing of your need for the income, since having a larger benefit later in life could be critical depending on your overall financial situation.
To read more on this topic, click here.… to read the full article by Andy Hayes posted on MSN.com.
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.