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…
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.