Timing is Everything In Maximizing Social Security Benefits
The impulse to begin drawing Social Security benefits as soon as they’re available–age 62–is strong, and statistics reported at money.usnews.com indicate that 42% of men and 48% of women tend to do just that. The long-term result of this decision, of course, is that a substantial amount of financial benefit is at risk of being lost over time. With mortality statistics indicating constantly growing life spans for Americans, it becomes more and more likely that retirees filing at age 62 will outlive their break-even point, forcing them to live many years with lower monthly benefits.
This is of course no surprise to many folks, but for those beginning to look seriously at their retirement financial plans, the question of whether to file for benefits at 62, full retirement age, or 70 looms as one of the most important decision they’ll need to make. Rachel L. Sheedy, Editor at Kiplinger’s Retirement Report, examines the fundamental question of when to file in a post titled “Time Claims to Maximize Social Security Benefits” appearing on www.kiplinger.com. Her remarks focus on three key areas where attention should be focused: the importance of being certain you know your full retirement age (FRA), the importance of married couples coordinating benefits with spouses, and the importance of making certain you’ve run the numbers on the Delayed Retirement Credits available to those who wait beyond their FRA to file.
Ms. Sheedy offers sage advice in her article, which can be accessed here. But for those needing additional counseling on the decision of when to file, know that the AMAC Foundation offers a free-to-the-public Social Security Advisory Service. This service offering features the availability of trained and certified Advisors who will research your questions and provide credible feedback on your personal situation. Learn more about this service via this page on the Foundation site.
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