Your Retirement Age…Don’t Believe What You Hear
When you make it known that you are thinking about retirement, there are often two sources of “expert” advice about Social Security that quickly become available…your neighbor on the left and your neighbor on the right. And these sources usually come equipped with with what they’ve come to believe as facts associated with the program. The problem here is that these “facts” may just be myths that are perpetuated by folks who, while well-meaning, may not correctly understand the mechanics of a program as complex as Social Security.
In an article posted on www.kiplinger.com, contributor Jim Blankenship, CFP, EA takes a look at three of the most prevalent misunderstandings that those heading into their retirement years need to deal with. Beginning with the common belief that waiting to age 70 to file for benefits is always the best approach, and continuing through the corresponding conviction that one’s benefit will grow 8% each year, Blankenship sets the record straight with actual mathematics. He also adds some explanation of the mythical “break even” point at which benefits over time equalize based on the age one files.
Read Blankenship’s analysis here, and then know that for those needing assistance in navigating the forest of rules and procedures associated with Social Security, the AMAC Foundation offers assistance to the public–at no charge–via its Social Security Advisory Service. Learn more about it here…
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