What Claiming Social Security Early Costs Retirees
It’ll cost you tens of thousands cumulatively to begin benefits ate age 62 as oposed to any other age. You can claim benefits as late as 70 to get the max beenfit to which you’re entitled for the rest of your life. Katie Brockman uses 2022 data from the Social Security Administration and found claiming early resulted in around $600 less per month for the average retired worker. In 2021, that difference was around $531 per month; in 2020, it was roughly $483 per month. Read her full piece here.
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.