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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.
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.
Was joke bribem, nasty piglosi, and gorge sources sued for giving Americans’ soc. sec. to illegal border invaders???
Well, I’m happy to inform you that NO Social Security money, nor SS benefits, have been given to “illegal border invaders.” Social Security is only paid to those who have contributed sufficiently to the program (for about 10 years), or their dependents who are legal U.S. residents. The Office of the Inspector General of Social Security vigorously prosecutes any suspected incidents of illegal aliens attempting to collect Social Security benefits. Thank you for your feedback, but I’m afraid your belief has little basis in fact.
Regards,
Russell Gloor
Certified Social Security Advisor
The AMAC Foundation.