Why Claiming Social Security at 62 Could Backfire on You
It’s not only the earliest age one can claim Social Security but 62 is also the most popular. It could be folks do not understand their benefits are cut when claiming at that age. Further, few likely know the maximum amount they’d ever be entitled would mean waiting until age 70 to begin checks. Maurie Backman’s main point in this piece is that retirement is going to cost you more than you think. The 25-30% permanent reduced benefit one receives by claiming at age 62 is not going to help. True, some expenses go down, but the ability to save in a retirement plan goes away too. Read the 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.