When should you claim Social Security?
When to claim Social Security is, of course, a question that everyone approaching age 62 must wrestle with. Some claim simply because “it’s there”, while other are more pensive and evaluate the various options available. Some claim as soon as possible, while others decide to wait as long as possible. But, how does one know when it’s best to claim? Actually, the financial aspects of claiming at different ages are the easiest – the amount you get will be based upon your lifetime earnings and how old you are when you claim. But the variables – for example, your current health, how long you think you will live, how badly you need the money, and whether you are married – which are unique to you must be looked at very carefully to arrive at a decision which is right for you personally. In this Motley Fool article by Sean Williams, the author provides a single chart which can be used to estimate the financial part of your decision, but the article also emphasizes that the variable parts are equally important as you contemplate when to apply for Social Security. Click here to read more.
Also, if you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security, note that the AMAC Foundation provides a free-to-the-public service to help Americans navigate the complexities of this program. Learn more about it here…