When to Claim Social Security
A Ramsey financial expert says many people claim Social Security too early, often because they fear changes to the system.
Many people wonder about the best time to claim Social Security. Some try to claim benefits as soon as they can. George Kamel is a financial expert at Ramsey Solutions. He says there is no special age that is best for everyone. Kamel warns that people often claim benefits early due to fear, not a smart plan.
Upcoming changes to Social Security worry many. The trust fund may face problems by 2032. This date makes some people nervous. They worry about receiving less money in the future. So, they claim their benefits quickly.
But claiming early means you get less money each month. If you wait, your monthly payments grow bigger. This can mean more money over your lifetime. Kamel advises people to look at their own situation. A careful plan helps more than fear. Think about your health and other savings.
Financial experts suggest a thoughtful approach. Do not let worries make your decisions. Waiting can give you bigger checks. Plan what is best for your own financial health.
Source: Fox Business