What’s the right call on delaying Social Security?
“No one size fits all” may be the best way to describe when one should claim Social Security benefits. With full retirement age now 67 for those born after 1960, there is a reduction for every month one claims earlier than that. Conversely, there’s an 8% increase per year for waiting until 70. Maurie Backman covers all this and more but cautions delaying could backfire if one is not in good health. As an example, with a $2,000 benefit at 67, living until age 90 means coming out $43,200 ahead by delaying filing until 70. But if you only live until age 75, that decision will cost you $43,200. 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.