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What’s the secret Social Security “do-over” all about?

Sean Williams has a piece here about maximizing Social Security benefits. Four factors are used by the Social Security Administration (SSA) to determine how much retired workers will receive each month: 1. Work history; 2. Earnings history; 3. Full retirement age; 4. Claiming age. Williams notes that as of December 2022, 64% of the program’s retired workers were receiving a permanently reduced monthly benefit. That is because early claims (before full retirement age of 67) have been the norm for decades with Social Security. However, this decision need not be an end-all for baby boomers. Williams explains the one time “mulligan” that you are allowed if you change your mind and wish to withdraw benefits and allow accrual again for higher benefits later. It’s somewhat complicated, and it involves Form SSA-52. Read the entire 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.

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