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Understanding the “Break-Even” Point on Benefits Claiming - GoBankingRates
For many folks aging into Social Security eligibility, the question of when to claim benefits poses a bit of a quandary. Claim as early as possible and accept the lower monthly benefit, or wait until later in life and enjoy a higher monthly payment? The decision, of course, depends on several key factors, including one’s personal health situation, the availability of other sources of wealth or income, the family’s longevity history, and one’s own anticipated life expectancy. It’s a formidable decision point in retirement planning, since the choice made is permanent regarding monthly benefit payments. This is where the focus tends to shift to assessing one’s break-even point or, simply, the “…point at which waiting to claim Social Security pays off more than claiming early.” GoBankingRate’s journalist Laura Beck examines the issue in a post on their website, which you can access here.
After reading Ms. Beck’s post, if you have questions regarding your own situation, know that the AMAC Foundation offers a free-to-the-public Social Security Advisory Service that can help you, including the production of a break-even analysis tailored to your information. Click here to learn more about this service and how to access it.