When Should You Begin Receiving Social Security?
Forbes writer Justin Goodbread said retirees must consider not only age but time when deciding when to begin monthly Social Security benefits. As an example, $2,500 each month when claimed at full retirement age (67 if born 1960 or later) would be reduced to $1,750 per month if one claimed at age 62. Over 20 years, that reduction amounts to $180,000 in lost benefits. The percentage of reduction to benefits decreases each year until you reach the full retirement age. But by waiting another four to five years to receive benefits, you can supplement your retirement income substantially. Another consideration is if you continue to work before full retirement age, you will have to pay taxes on up to 85% of the benefits you receive. Read full article 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.