When to Collect Benefits?–Not A Simple Question
Juts like the calendar, the Baby Boom Generation continues to march relentlessly forward in time, with a large portion of this population group now finding themselves in their mid-50s and starting to think about Social Security. While it’s still a few years off, these future retirees are no doubt intrigued by the many nuances of what was once a simple question: When should I file for benefits? It sounds like a pretty straightforward question, but it isn’t. There are many options that must be considered to make the decision that’s most appropriate for individual filers. In fact, as we’ve found out in the AMAC Foundation’s Social Security Advisory Service, it’s the second-most frequently asked question out of the many thousands we receive, second only to the equally baffling area of spousal benefits.
Boston Globe reporter Robert Weisman agrees this this is not a simple question, noting in an article posted on www.bostonglobe.com that “there are enough wrinkles and curveballs to warrant careful consideration.” His post covers the math associated with filing at the earliest age (62) or delaying to the latest point (70) and determining where the “break even” point is, as well as the impact on survivor benefits. Read his post here…
So, if you’re one of the millions beginning to think about this life decision (and it really is one of the most important financial decisions you’ll ever make) and you find you need help, don’t hesitate to contact the AMAC Foundation. The Foundation’s Social Security Advisory Service mentioned earlier features a staff of trained and certified Advisors who will answer your questions via our fee-to-the public service. Learn more about it here…
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