I am honored to have the opportunity to support the vision of the AMAC Foun- dation. It is common to hear ‘we love helping people’ from those working for non-profits. And though that may be true, that phrase runs much deeper
here at the Foundation. Those who reach out for our assistance are greeted by a dedicated team who not only have the deepest knowledge of Social Security, but also a love of community and a commitment to serving American seniors who are retired or about to retire. It is a privilege to maintain, strengthen, and create programs that enrich the lives of our seniors, veterans, and all those who request our help. - Joleen Teninty , Executive Director of the AMAC Foundation
Dear Rusty, I will be 64 this year and I would like to know the best time to claim Social Security. - Anxious to Retire Dear Anxious, There is no single “best time” to claim your benefit. It depends on several factors in- cluding health, life expectancy, immediate financial need, and whether you are married or still working. If you wish to maximize your monthly benefit, you may wait until age 70 to claim. If you are in poor health, claiming earlier may be prudent, but you will receive a reduced benefit amount. Only at your full retirement age will you receive 100% of your earned benefit. For each full month you delay claiming, up to age 70, you will earn an extra .667% of Delayed Retire- ment Credits. But, if you claim benefits before your full retirement age, you will be subject to Social Security’s Earnings test which can limit how much you can earn. If you exceed the earn- ings limit, Social Security will make you repay some benefits until they recover what you owe. There is no simple answer for the best time to claim Social Security, but looking closely at your personal circumstances will help you make a decision. “DEMYSTIFYING” SOCIAL SECURITY SINCE 2017
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I enjoy the ASK RUSTY articles because his advice is easy to understand and of great value to so many who are of Social Security age.
- Randal Karcz AMAC MEMBER
23 23 AMAC MAGAZINE . 844-887-2622 . or visit amac.us/benefits for more info. + content
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