If you read a recent USA Today article, you would have seen a story with this intriguing headline: “3 steps to claiming the $4,555 max monthly Social Security benefit.” And if you are pushing retirement age, you would of course…
if you are pushing retirement age, you would of course want to read that story and get yourself locked into a heaping serving from the Social Security gravy train.
People are also reading… Or, to put that another way, unless you happen to be that relatively rare person who has earned the maximum Social Security wage for the past 35 years, the article is totally meaningless to you. But then they don’t think that through and realize that there is absolutely nothing an average wage earner who is now pushing Social Security age can do to claim “the $4,555 max monthly Social Security benefit.” Yet they run the story anyway and cause a whole lot of readers to rue the fact that they can’t get a ticket on that Social Security gravy train.
Listen now and subscribe: Apple Podcasts | Google Podcasts | Spotify | Stitcher | RSS Feed | Omny Studio For example, if you’re not in the best of health, or if you were simply born with the wrong genes as I was , then why wait until 70 to claim benefits? Chances are you simply aren’t going to live long enough to make up for the money you’d lose by not starting your benefits at your full retirement age, or even sooner.
I’m not necessarily saying that was a good thing. Obviously, it makes sense to plan for your retirement, consider your Social Security options and make a decision about when to start your benefits based on the planning you’ve done. Q: I am 66 and 6 months. I would really like to start my Social Security benefits now. According to my latest estimates, I’d be due $3,110 monthly. But my financial planner tells me I should maximize my benefits by waiting until I am 70. I just don’t know what to do. I’m so afraid I’ll make the wrong decision. Can you help?
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