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Waiting until 70 to Claim SS Isn’t Always the Right Move

Nearly all Social Security Advisors will tell you that waiting until you’re 70 years old to claim is how you maximize your monthly Social Security benefit. That’s sound advice, if all of your personal circumstances align to suggest that delaying benefits strategy. However, life is full of realities which may suggest that claiming long before age 70 is exactly the right thing to do. This article by Christy Bieber appearing in the Detroit Free Press offers several really good reasons why claiming your benefits early might be your best strategy. Click here to read more.

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Comments On This Topic

  1. This article “Waiting until 70 to Claim SS Isn’t Always the Right Move” is very intriguing. I agree, I dont want to wait til 70, I dont even want to wait until 67, but unfortunately how can people get around it. I work very hard, and do get frustrated around this topic, especially when our Government continues the pondering of raising the retirement age. In fact, I think the retirement age should be lowered. I, like most people work very hard to be able to retire, and I want to retire early enough to be able to enjoy myself, and watch grandchildren and great grandchildren grow. At 67 or above, we cant predict if we will have health problems, or have lost a spouse by then , or anything else. I completely disagree with the “3 phases” of retirement benefits.. ie.. retire early at 62, retire at 67 or delayed retirement at 70. I think there should be one retirement age (I personally think the number should be 60) and let people decide if they want to retire at that age, or keep working. What is AMACs thoughts on this battle?

    • James:

      Thanks (again) for your comments. I understand your position, but from a practical standpoint, it’s important that you consider the fact that contribution rates for workers through the years (FICA taxes) are based on actuarial projections that assume average life expectancies. As it is, the extended lifespans Americans enjoy, coupled with the declines in tax-contributing workforce members (there are now less than 3 workers for each person collecting retirement benefits), has already placed the full continuation of benefits in jeopardy. The reserves accumulated in the program’s trust funds over decades are now being used to continue benefits as promised, but these funds will be depleted in just over 10 years (absent government action to correct the problem). To make age 60 a retirement age for all would require either substantial payroll tax increases or dramatic benefit cuts, neither of which likely be acceptable to the public.

      Thanks again for your comments. As indicated in response to your earlier question, I will keep your suggestions in our file for reference when Social Security reform discussions commence.

      Gerry Hafer
      AMAC Foundation, Inc.

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