When Is the Best Time to Claim Social Security?
It's a big decision: when to start taking Social Security. A finance expert warns against making this choice too early.
Many people wonder when they should claim their Social Security benefits. Some believe there's a "magic age" to start. However, financial expert George Kamel from Ramsey Solutions says this is not true. He explains that claiming benefits early often comes from worry, not a good plan.
Kamel has a simple message: there's no single best age for everyone. Your choice depends on your own situation. He warns about a common mistake. People sometimes claim benefits as soon as they can. They fear that Social Security might run out of money in the future. Experts say the Social Security trust fund could face issues around 2032.
Waiting longer to claim your benefits can mean bigger monthly payments. For each year you delay after age 62, up to age 70, your benefits grow. This can add up to a lot more money over time. Kamel advises people to think carefully about their options. He suggests making a smart plan, not a quick decision based on fear.
Source: Fox Business