When Taking Social Security Before Age 70 is Smart
Most financial advisors will counsel their clients to wait as long as possible, up to age 70, to claim their Social Security benefits. And with good reason, because age 70 is when your benefit reaches maximum, usually about 76% more than your age 62 benefit. But, everyone’s personal situation is different and, sometimes, claiming before age 70 is exactly the right move. In the end, it all comes down to life expectancy, because how long you will live will dictate your lifetime cumulative Social Security benefits. The bottom line is this: if you don’t expect to live at least until “average” longevity, taking your Social Security earlier than age 70 is probably your best choice, as explained in this Motley Fool article by Katie Brockman. Click here to read more.
Note: Just one point to clarify a statement made in the article which says that the average U.S. lifespan is 78.6 years. That is the overall average for all U.S. citizens. According to Social Security, average longevity for someone turning 65 today is about 84 for a man and 86.6 for a woman. 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…