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You’ll Get Social Security Wrong Unless You Do This

Dan Caplinger’s piece here addresses an economic concept many ignore when trying to determine when to take Social Security — “money you get sooner is worth more than money you get later.”  One can claim benefits as early as 62 or at full retirement age (between 66 and 67 depending on birth year) or until a max age of 70 and of course any age in between.  The monthly amount is higher if one waits, but one gets fewer checks.  Thus, claiming earlier means getting smaller checks but more of them.  A typical break-even age is 78, but as Caplinger notes, break-even analysis typically pays no attention to the time value of money.  It assumes that as long as the total amount of money you receive eventually catches up, it doesn’t matter that you got it later.  Of course, folks can invest money received earlier for a rate of return.  Read the full piece 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.



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